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