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Resolution 2016-22 <br />3. Accordingly, the City approves a deferment of the assessment for the subject <br />property until such time as the property is improved through the construction of a dwelling. <br />4. Interest on Deferred Assessment. The deferred special assessment shall not be <br />subject to interest, and all interest accrued to the date of this resolution is hereby forgiven. <br />5. Termination of Deferral Status. The deferral of the assessment shall end upon the <br />improvement of the parcel and the assessment be payable in full, including interest, at the time <br />the improvement is approved through City Council action or with the approval of a building <br />permit. <br />WHEREUPON, said Resolution was declared duly passed and adopted by the City <br />Council for the City of Hugo this 1" day of August, 2016. <br />ATTEST: <br />Michele Lindau, City Clerk <br />2 <br />Tom Weidt, Mayor <br />