Item 8: An Ordinance Concerning Assessments for Street Improvements

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constructed, shall pay an equivalent assessment in accordance with section 7.407 and subsection 7.180(5)(e). (h) Revenue received as payment of an equivalent assessment required by this subsection shall be used for street purposes and shall be in addition to all other fees and assessments required by this code. Section 5. Section 7.190 of the Eugene Code, 1971, is amended to provide as follows: 7.190 Local Improvements - Assessments - Levy and Notice Thereof . (1) The council by ordinance shall levy assessments on parcels of real property specially benefited by local improvements. Upon enactment of such an ordinance, the finance officer by first class mail shall give notice of the assessments to the owners of the assessed parcels. The notice shall state that each assessment may be paid in full, without interest, within ten days after the date of the assessment ordinance and that, if the assessment is not so paid, interest on the unpaid balance of the assessment will accrue as prescribed in the assessment ordinance until the assessment is paid, unless payment of the assessment is deferred in accordance with chapter 7 of this code[. under section 7.200]. The notice shall also state that the assessment may be paid in installments according to the terms set forth in the assessment ordinance, and shall include an application for so paying the assessment. (2) Unless otherwise specified by this code or by assessment ordinance, reference in this code to making assessment or lien payments in installments shall mean paying the obligation in up to 119 monthly installments or twenty (20) semi-annual installments including principal and interest at the rate set under section 2.022 of this code. (3) In addition to any deferral, extension or modification of payments authorized by this chapter, an assessment may be modified, compromised or canceled as provided in section 2.582 of this code. Section 6. Section 7.193 of the Eugene Code, 1971, is added to provide as follows: 7.193 Local Improvements – Deferral of Street Assessments. (1) To the extent a funding source is available from a public entity or any other source approved by the council at the time the project is initiated that will provide the city with sufficient funds to ensure no initial cost to the city or affected property owners for the construction of the local improvements, parcels with an owner occupied single family dwelling or an owner occupied duplex dwelling assessed for street improvements may defer payment of the assessment until sale or transfer of the parcel. (2) The deferred assessment shall become a lien on the property. The lien at a shall accrue interest from the date it is levied until the deferral ends variable rate to be adjusted annually to reflect the city’s costs in providing the funding source. When the deferral ends, payment of the assessment and accrued interest shall be made as provided in section 7.190 . (3) An assessment deferred pursuant to this section is not subject to the Ordinance - Page 11 of 14 Version C