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City of Lake Elmo Public Improvement and Assessment Policy Page 6 VI. HARDSHIP_ DEFERRALS FOR SPECIAL ASSESSMENTS The City Council will consider a deferment for the payment of special assessments on any homestead property, owned by a person 65 years of age or older or retired by virtue of permanent and total disability for whom it would be a hardship to make the payments. A hardship shall be deemed to exist when the annual principle installment of all assessments levied against the property exceeds two percent (2%) of the adjusted gross income of the applicant as evidenced by the applicant's most recent federal income tax return, and total assets (excluding the homestead property) do not exceed six times the adjusted gross income. The City Council may also determine, on a case by case basis, the existence of a hardship on the basis of exceptional and unusual circumstances not covered by these standards and guidelines, if done in a non-discriminatory manner and without giving the applicant an unreasonable preference or advantage over other property owners. All assessments will continue to bear interest on the unpaid principle balance at the rate established on the original special assessment. The deferment shall terminate and all principle and interest becomes due and payable upon the occurrence of any of the following events: 1. The death of the owner when there is no spouse who is eligible for deferment. 2. The sale, transfer or subdivision of the property or any part thereof. 3. The property should lose it's homestead status. 4. The City Council should determine that the hardship no longer exists. A review of the hardship will be conducted every three to five years. Amendment # 1 - Adopted Nlay 21, 1996