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2012-035 Special Assessment 303 6th AveCITY OF HOPKINS HENNEPIN COUNTY RESOLUTION 2012-035 RESOLUTION APPROVING THE DEFERRAL OF SPECIAL ASSESSMENT 303 6TH AVE N, CITY PROJECT 11-10 WHEREAS, the City Council approved the special assessment deferment for the property located at 303 6th Avenue N on June 5, 2012, City Project 11-10 Street Improvements. WHEREAS, the property owner has met the age and income requirements for the deferment as stated in City Code 703.05. The special assessment deferment shall be certified to the County Auditor. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HOPKINS, MINNESOTA: 1. Such deferred assessment, as may be amended and a copy of which is attached hereto and made a part hereof, is hereby accepted and shall constitute the special assessment against the land named herein, and such tract of land therein included is hereby found to be benefited by the proposed improvement in the amount of the assessment levied against it. 2. Such deferred assessment shall accrue simple interest during the deferment period at the rate of 5% which was established at the time the assessment roll was adopted. 3. Such deferred assessment must be renewed annually during the term of the deferment and all required supporting documents or information must be delivered to the City not later than September 30 of each year. 4. Upon failure to renew the deferment certification or upon (a) the death of the owner, provided that the surviving or successor owner is otherwise not eligible for the deferment; (b) the sale, transfer or subdivision of the property or any part thereof; (c) if the property should for any reason lose its homestead status; or (d) if for any reason the City shall determine that there would be no hardship to require immediate or partial payment; the deferment shall terminate and the City Clerk shall promptly certify to the County auditor the amount of the deferred assessment including interest to be inserted on the tax assessment or in full if the property was sold or the period of time for repayment of the original assessment has expired. Adopted by the City Council of the City of Hopkins this 5th day of June, 2012. B � Y Euge e J. Maxwell, Mayor ATTEST: Kristine A. Luedke, City Clerk