Ordinance 812-81 - Laserfiche WebLink

• • • . • • • • • • • • 1 purchase, recorded mortgage, recorded deed of trust transaction, is responsible under 2 penalty of forfeiture, foreclosure or default as between vendor/vendee, 3 mortgagor/mortgagee, grantor and trustor/trustee and grantee, and beneficiary and 4 lendor for payment of local improvement district assessments. 5 C. An economically disadvantaged property owner within the benefit area of 6 Local Improvement District No. 709 shall be assessed as if the special benefit to such 7 property is the same as a single-family residential property for which it can be 8 reasonably established that such property will remain in single-family non-income use 9 in the foreseeable future (hereinafter "single-family residential use assessment"); 10 provided, however, the difference between the single-family residential use assessment 11 (including interest accrual on the deferred assessment) and the special benefit based on 12 the highest and best use of the economically disadvantaged owner's property shall be 13 deferred as follows: 14 1. The deferral period shall be only so long as the present single-family residential, owner-occupied economic disadvantage 15 defined in 8(A) above continues. Any more intensive residential or commercial use of the property shall terminate the deferral. An 16 economically disadvantaged property owner whose qualifying single-family use continues until and after all bonds and obligations 17 of the district are retired shall be obligated to pay only the single-family residential use assessment and shall not have to pay 18 the difference between that amount and the highest and best use assessment. 19 2. To qualify for the deferral established in this ordinance, a property 20 owner must certify on a form prepared by the City Attorney's Office that the conditions of economic disadvantage specified 21 herein apply in the case of his/her/their property. Said certifica- tion must be executed and filed with the City prior to the original 22 hearing of the adoption of the final assessment roll. 23 3. An economically disadvantaged property owner must execute a covenant, approved by the City Attorney's Office, to be recorded 24 with the Snohomish County Auditor and run with the land that the condition of economic disadvantage established in this ordinance 25 will be maintained and, if not, the entire amount of special benefit determined in the proceedings for Local Improvement District No. 26 709 shall be come due and payable with interest as hereinafter provided. Said covenant must be executed and filed with the 27 Snohomish County Auditor prior to the adoption of the final assessment roll. 28 4. In the event a property owner qualifying as economically disadvan- 29 taged changes the use of the property to lose such qualification or conveys the property to someone unqualified, the amount of the 30 accrued portion to date of disqualification of the highest and best use assessment shall become due and payable in full with interest 31 32 -6-