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Resolution 2013-19 <br />D. Assessment Rate Modifications <br />The assessment rate will be included within the City's adopted fee schedule, and will <br />be reviewed on an annual basis by the City Council. The City Council may consider <br />an adjustment to the assessment rate based on an appropriate industry guideline, such <br />as the Construction Cost Index, provided the adjustment does not exceed the benefit. <br />The City Council may also undertake a Special Benefit Analysis at their discretion to <br />either adjust the assessment rate or verify that the rate as adjusted through the use of a <br />cost index is consistent with the expected benefit. <br />8. Calculation of Payment <br />A. The assessment amount shall be amortized over the term of the assessment, at the <br />applicable interest rate, with equal installment payments through the term. <br />9. Corner and Other Lots <br />A. For single-family residential properties, corner, and other multiple -frontage, lots will be <br />assessed one-half unit for each roadway frontage. In the case of lots with more than two <br />frontages, the units will be prorated so the property assessment will total one unit once all <br />frontages have been improved. <br />B. For Commercial, Industrial, Tax -Exempt, and Multi -Family Residential properties, <br />assessments may be levied for multiple projects/frontages based on access. <br />10. Delay or Deferment of Assessments <br />A. Sanitary Sewer, Storm Sewer, and Water Improvement Projects: Pursuant to Minn. Stat. <br />S. 429.061, the City may delay making assessments for these types of improvements on <br />property that is not completely developed, such as property which is presently served <br />with a septic system. These costs may be deferred until the property develops, <br />subdivides, or is connected to the system. <br />B. Roadway, Curb and Gutter, and Sidewalk Projects: No deferment will be made for these <br />assessments unless they front unimproved property. <br />C. Unimproved Property: The City may, at its discretion, defer the first installment of any <br />assessment upon unimproved property until some designated future year until the <br />property is platted or until improvements are constructed on the property. In these cases, <br />if deferral is made, then the entire assessment for the property is deferred. The minimum <br />assessment for which deferral can be considered is $500, and the minimum size of the <br />parcel for which deferral can be considered is a buildable lot in the respective district. <br />Interest may accrue on the deferred amount. <br />Page 6 <br />