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B. Construction Interest. The costs of financing during the period between the date <br />when the first payment is made to the contractor exceeding any amount placed in <br />escrow pursuant to the development agreement, and the date that the assessment rule <br />is approved by the City Council. The interest rate paid shall be the same as the <br />expected assessment rate. <br />C. Expenses. Costs incurred by the City in addition to the contract costs, including <br />advertising, finance charges, administration and the assessment process. <br />D. Project Cost (total cost of the improvement). Total of contract costs, interest, and <br />expenses for work previously done but not assessed. <br />& Calculation of Payment. <br />The assessment amount shall be amortized over the term of the assessment, at the applicable <br />interest rate, with equal installment payments through the term. <br />9. Delay or Deferment of Assessments. <br />A. Sanitary sewer, storm sewer and water improvement projects -Pursuant to Mmn.Stat. <br />S. 429.051, the City may delay making assessments for these types of improvements <br />on property that is not completely developed, such as property which is presently <br />served with a septic system. These costs may be deferred until the property <br />develops, subdivides, or hooks up to the system. <br />B. Street, Curb, Gutter and Sidewalk projects No deferment will be made for these <br />costs unless they front unimproved property. <br />C. Unimproved Property. The City may, in its discretion, defer the first installment of <br />any assessment upon unimproved property until some designated future year, until <br />the property is platted or until improvements are constructed on the property. In <br />these cases, if deferral is made, then the entire assessment for the property is <br />deferred. The minimum assessment for which deferral can be considered is $500.00 <br />and the minimum size of the parcel for which deferral can be considered is a <br />buildable lot in the respective district. Interest may accrue on the deferred amount. <br />10. Low Income Senior Citizen and Disability Deferments: <br />As required by Minnesota Statute, the City has a special assessment deferral policy for <br />low income senior citizens and disabled persons meeting all of the following criteria: <br />A. The property upon which the assessment is deferred must be homestead; <br />B. The property is owned by a person at least sixty-five (65) years of age on January <br />I' of the year in which payment of the first installment of the subject assessment <br />is due; or is owned by a person who is retired due to permanent and total <br />disability. <br />4 <br />