[Adopted as Title 3, Ch. 2, of the 1994 Code]
A.
Whenever any special assessments shall be levied to defray the cost
of any public improvement, such special assessments may be paid in
annual installments as determined by the Council.
B.
The first installments shall include a proportionate part of the
principal of the special assessment determined by the number of installments
and interest accrued. All subsequent installments shall also include
interest at a rate to be determined by the Council based upon borrowed
money rates, including an amount to cover City-related administrative
costs at the time of the special assessments on the unpaid balance
of principal, computed beginning 30 days after notification of the
completion of the special assessment project by the City. Each subsequent
installment shall include a like proportion of the principal and interest
at the rate stated above upon the unpaid balance of such assessment.
C.
The first installment shall be entered in the first tax roll prepared
after such installments have been determined as a special tax on the
property upon which the special assessment was levied, and thereafter
this tax shall be treated in all respects as any other municipal tax.
All of the subsequent installments shall be entered in a like manner
and with like effect in each of the annual tax rolls thereafter until
all are levied.
D.
If any installment so entered in the tax roll shall not be paid to
the Treasurer with the other taxes it shall be returned to the county
as delinquent and accepted and collected by the county in the same
manner as delinquent general taxes on real estate.
A.
In addition to other methods provided by law, special assessments
for any public work or improvement or any current service may be levied
in accordance with the provisions of this section.
B.
Whenever the Common Council determines that any public work or improvement
or any current service shall be financed in whole or part by special
assessments levied under this section, it shall adopt a resolution
specifying this intention and the time, either before or after completion
of the work or improvement, when the amount of the assessments will
be determined and levied; the number of annual installments, if any,
in which assessments may be paid; the rate of interest to be charged
on the unpaid balance; and the terms on which any of the assessment
may be deferred while no use of the improvement is made in connection
with the property.
C.
The provisions of § 66.0703, Wis. Stats., shall apply to
special assessments levied under this section except that, when the
Common Council determines by resolution that the hearing on the assessments
be held subsequent to the completion of the work or improvement or
the rendering of the service, the report required by § 66.0703,
Wis. Stats., shall contain a statement of the final cost of the work,
service or improvement in lieu of an estimate of the cost.
D.
Notice of the time and place of the public hearing on any special
assessment proposed to be levied and notice of the final assessment
and terms of payment thereof shall be given in the manner prescribed
in § 66.0703(7) and (8)(d), Wis. Stats.
E.
Any special assessment levied under this section shall be a lien
against the property assessed from the date of the final resolution
by the Common Council determining the amount of the levy.
A.
In order to further assure the payment and collection of special
assessments levied to pay the costs of the construction of public
improvements to serve multi-parcel developments in the City, it is
hereby provided that, upon the sale of any part of the property assessed,
the seller of the property will deliver or cause to be delivered to
the City or its designated agent a bank cashier's check or certified
check payable to the City or its designated agent in an amount equal
to 125% of the portion of the outstanding amount of the special assessment
which is attributable to the parcel of the property sold. The seller
will continue to make such payments with respect to the remainder
of its property until such time as the sum of all such payments, together
with the amount of the special assessments otherwise paid by it, equals
the total amount of the special assessments levied against the property,
together with the interest which has been paid or is payable thereon.
Any overpayment of special assessments by the seller to the City will
be refunded to the seller.
B.
The City will enter into appropriate agreements with the owner in
question to assure payment of such amounts in a timely manner.
C.
This section is adopted pursuant to § 66.0701, Wis. Stats.
Except as provided above, the provisions of § 66.0703, Wis.
Stats., including provisions regarding notice and hearing, shall apply
to special assessments levied against multi-parcel developments in
the City.
