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110 <br />COUNCIL MEETING JUNE 27, 1988 <br />exceptional and unusual circumstances not covered by these <br />standards and guidelines where the determination is made by <br />the City Council in a nondiscriminatory manner that a <br />deferment should be granted when such deferment does not <br />give the applicant an unreasonable preference or advantage <br />over other applicants: <br />A. Any applicant must be sixty -five (65) years of age, or <br />older, or retired by virtue of permanent and total dis <br />ability, and must own a legal or eqitable interest in <br />the property applied for which must be the homestead <br />of the applicant. <br />B. The applicant and any other owner of said property who <br />resides therein with the applicant shall not have an <br />annual gross income in excess of the Section 8, low <br />income limits in effect at the time of the application <br />(as established by the Department of Housing and Urban <br />Development). Income specified in the application <br />should be the income of the year preceding the year in <br />which the application is made, or the average income of <br />the three (3) years prior to the year in which the app- <br />lication is made. <br />C. The applicant and any other owner of said property who <br />resides therein with the applicant shall not have gross <br />assets (excluding the homestead property) in excess of <br />$50,000. <br />D. The Assessor's Market Value of the applicant's home- <br />stead parcel shall not exceed $60,000.00. <br />E. The limitations on an applicant's assets, and property <br />market value may be adjusted on an annual basis upon <br />recommendation of the City Administrator and motion of <br />the City Council of the City of Lino Lakes. <br />F. Unless otherwise provided under the resolution adopting <br />said assessments, all such deferred assessments shall <br />bear interest at the rate of eight (8 %) per cent per <br />annum. <br />G. This procedure shall not apply to any assessment of <br />$100.00 or less. <br />Subdivision 2. The deferment shall be granted for as long a <br />period of time as the hardship exists and the conditions as <br />aforementioned have been met. However, It shall be the duty <br />