As to lands which are zoned agricultural under the Zoning Code from time to time and which are undeveloped and unused other than for agricultural purposes or residential use in connection therewith as of the time of assessment for water line extensions abutting such parcels, a portion of the special assessments on such parcels may be deferred, if so elected by the owner thereof, upon the following basis:
(a) For the purposes hereof, a parcel of land shall be as so determined for real estate tax purposes and each parcel shall be considered as a single unit irrespective of ownership of other parcels within the assessable area by the same owner;
(b) For purposes of immediate assessment, the assessable frontage of such parcels shall be limited to 300 feet maximum except that if the frontage actually used, improved and developed for residential use exceeds 300 feet, the assessable frontage shall be that frontage actually so used, as determined by the Street Commissioner and certified to the person charged with the duty of preparing the special assessment rolls;
(c) The assessment on the portion of frontage of such parcels not subject to immediate assessment as above provided shall be deferred and the amount of all such deferred assessments shall be paid into the project fund by the Village. The period of such deferment shall be for a maximum of ten years after the adoption of the assessment ordinance or such time as such property is developed for other uses and application is made for a water tap to serve such property, whichever occurs sooner. The amount of the deferred assessment shall be reimbursed to the Village by a surcharge on the water tap fee, as provided in Section 1040.05;
(d) The privilege of deferred assessments as herein provided shall not be made avail able for any projects as to which the deferred assessments as herein provided would exceed thirty percent of the overall project cost and, further, such privileges shall be extended only to the extent that sufficient funds are available from time to time in the Water Tap and Line Extension Fund, as hereinafter provided.
(Res. 67-24A. Passed 11-16-67. )