12-6,111.   Same; delay in payment of special assessments; financialanalysis; extension; payments due, when.The governing body of any city may authorize and provide for a delay in thepayment following a financial analysis of special assessments for the cost ofconstructing public improvements in unplatted and undeveloped areas of thecity. The governing body of such city may provide for a delay in thecommencement of payment of some or all special assessments upon such propertyfor a designated period of not to exceed 15 years or until such property isplatted or developed if the same occurs prior to the conclusion of the perioddesignated. In the event a benefit district is not developed to 50% of itsarea, an additional extension of 10 years before commencement of payments maybe granted in the benefit district. All such assessments shall be due andpayable at the time such property is platted or developed or at theexpiration of the designated period. The paymentsfor land which has not been platted or developed within the extensionperiod shall become due and payable in a like manner as if the time forthe payment of special assessments had not been delayed and extended.

      History:   L. 1969, ch. 95, § 2;L. 1981, ch. 80, § 2;L. 1991, ch. 64, § 2; July 1.