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<br />No R-91-37 <br />CITY OF FALCON HEIGHTS <br />C O U N C I L R E S O L U T I O N <br />Date 6/19/91 <br />--------------------------------------------------------------- <br />A RESOLUTION AMENDING THE CITY'S ASSESSMENT POLICY <br />RELATING TO HARDSHIP DEFERRALS <br />WHEREAS, the City Council of the City of Falcon Heights has <br />determined it is necessary to amend the Hardship Deferral <br />Section of the City's present assessment policy; <br />NOW, THEREFORE, be it resolved by the City Council of the <br />City of Falcon Heights that the assessment policy be amended <br />as follows: <br />VI. HARDSHIP DEFERRAL OF ASSESSMENTS <br />A. Eligibility for Deferral <br />1. The City Council may approve deferral of payments <br />• for homestead property as authorized by Minnesota <br />Statutes Sec. 435.193 if the owner; <br />(1) is at least 65 years old or on permanent total <br />disability retirement, <br />(2) has annual gross income from all sources, 50 <br />percent or less than the latest median income <br />as determined by the U.S. Department of <br />Housing and Urban Development, and <br />(3) is a person for whom it would be a hardship to <br />make payments. <br />2. The deferral will last for not more than ten years <br />and will terminate before ten years if the owner <br />dies and the spouse is not eligible or the property <br />is sold or the property is no longer homestead or <br />the City Council determines there is no longer <br />hardship to require immediate or partial payment. <br />3. The City may determine the amount of interest on <br />the deferred assessment, whether it will be simple <br />interest or compound interest, and the time that <br />interest payments are to be made. <br />• <br />