Staff received a request from a resident to defer the 2020 full depth pavement reconstruction project assessment.  The property is located at 2288 Promise Avenue.  Minnesota Statutes authorize cities to defer special assessment payments for certain senior disabled individuals.  The deferment of assessments may be permitted at the discretion of the City Council.  The City Council has the ability to defer special assessments in accordance of City Code 34.04.

Assessment deferrals are an option for individuals that have financial difficulty paying for an improvement.  However, the long-tern cost of the assessment can become substantially more burdensome given 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 accrues towards the principal balance at a rate of 5.0% 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 applicant has attested to his eligibility.