Discussion:
Staff received a request from a resident to defer the 2018 Street Reconstruction project assessments. The property is located at 910 Minnesota Street South. Minnesota Statutes authorize cities to defer special assessments payments for certain senior and disabled individuals. The deferment of assessments may be permitted at the discretion of the City Council. The City Council the ability to defer special assessments by virtue of City Code 34.04.
Assessment deferrals are an option for individuals that have financial difficulty paying for an improvement. However, the long-term cost of the assessment can become substantially more burdensome give the cost of the accrued interest over the deferral period. Staff has had discussions with the applicant and the applicant is aware that interest will continue to accrue towards the principal balance at a rate of 5.5% annually during the deferral period.
Repayment of the assessment will begin once the property is no longer eligible for deferment, such as the sale of the property or the property is no longer homesteaded.
The applicants has attested to her eligibility.