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Mr. Joseph Chlebeck <br />January 21, 1982 <br />Page Three <br />4. The application for said deferment must be filed with <br />the City prior to the adoption by the City of the <br />resolution adopting the assessment roll. <br />5. The City Council will consider each application on <br />an individual basis. However, the Council's general <br />policy is to grant special assessment deferments when <br />the annual payment for the special assessment exceeds <br />two percent of the adjusted gross income of the owner <br />as determined by the most recent Federal tax return. <br />6. The deferment shall terminate and all amounts accumulated, <br />plus applicable interest, shall become due, if any of the <br />following occur: <br />a. The death of the owner, provided that the spouse <br />is otherwise not eligible for the benefits here- <br />under; <br />b. The sale, transfer or subdivision of the property <br />or any part thereof; <br />c. If the property for any reason loses its homestead <br />status; or <br />d. If for any reason the City Council determines that <br />there would be no hardship to require immediate <br />or partial payment. <br />7. Upon termination of the deferment the Council, at its <br />discretion, may provide for installment payments of the <br />deferred assessment within the term of the original <br />assessment." <br />Fifthly, the requirement of the resubmittal of the application <br />every five years can be required, if the Council so determines. If <br />so, additional language should be added to the above, setting forth <br />the procedure for re- application. <br />Would you please review this correspondence and submit the <br />same to the Council for their consideration. I will await your <br />direction prior to proceeding further with this matter. <br />TMS:cjh <br />26 <br />Yours very truly, <br />��riE NEY , <br />Thomas M. <br />CONN R & LeMAY <br />Sweeney <br />