(A) The notice for the public improvement hearing shall advise the affected land owners that the city has a policy with respect to preservation heritage land and deferment of special assessments in connection therewith and that the policy in its entirety is available at the office of the City Clerk. The notice of hearing shall further advise the affected land owners that application for preservation land status must be filed with the Clerk on or before the date of the public improvement hearing.
(B) The application shall be made under oath by the owner or operator on a form provided by the City Clerk in which the necessary eligibility requirements for preservation heritage land status are listed.
(C) Except as provided in § 150.37, if the application is approved, the special assessments shall be deferred for preservation heritage land upon the following terms and conditions.
(1) A deferment shall be granted only if the property meets the definition of preservation heritage land.
(2) The deferment shall expire upon the first to occur of the following:
(a) The land no longer qualifying as preservation heritage land under the terms of this subchapter;
(b) The withdrawal by the owner or operator of the land from preservation heritage status;
(c) The sale or transfer of the property without the buyer or transferee making application for continued preservation heritage land status to the City Clerk within 60 days of the sale or transfer;
(d) The subdivision or platting of the property; or
(e) Fifteen years from the date of the adoption of the assessment roll.
(3) Upon expiration of the special assessment deferment, the principal balance of the deferred special assessments together with interest at the rate established in the resolution establishing the assessment shall be paid in:
(a) Five annual installments; or
(b) The number of years remaining on the original bond issue, if any, whichever is greater.
(D) To the first installment shall be added interest on the entire assessment at the rate established in the resolution establishing the assessment until December 31 of the year in which the deferment ceases. Interest at the same rate shall accrue on this amount until December 31 of the year in which the first installment is payable, and to each subsequent installment shall be added interest for one year on all unpaid installments. The owner, may, at any time thereafter, pay to the City Treasurer, the entire amount of the assessment remaining unpaid with interest accrued to December 31 in the year in which the payment is made. The payment must be made before November 15 or interest will be charged through December 31 of the next succeeding year.
(E) Whenever any deferment is granted, the city shall file with the County Auditor and record with the County Recorder a resolution memorializing the terms of the deferment with respect to the subject preservation heritage land.
(F) The City Board shall on an annual basis monitor the status of preservation heritage land to which a deferment has been granted. When the deferment ceases, the City Clerk shall send to the affected landowner by November 15 of the year in which the deferment ceases a notice advising the landowner that the deferment has ceased and that the special assessments will become due and payable over equal installments beginning with the year thereafter. The notice shall state the number of installments calculated according to division (D) above and the total amount that has become payable calculated according to division (D) above. The notice shall also state the interest rate on the installment balance. The owner may appeal to the City Board the determination that the deferment has ceased; the appeal must be made in writing and within 30 days after the City Clerk has sent notice to the owner that the deferment has ceased.
(Ord. 45, passed - -1993)