Sec. 2-374. Tax levy for road, bridge or street construction

The special assessment tax levy by the Council for the improvements as provided in Section 2-367 "the construction, reconstruction of roads, bridges, streets, alleys, sidewalks, curbs and gutters with storm drainage incident thereto," shall be on a special benefit assessment basis. When the Council is required to make the special assessment against the abutting land for these improvements, whether for the construction of roadways, bridges, sidewalks, curbs or gutters and/or storm drainage incident to such improvements, any or all of them, and such lot is located at the intersection of two (2) streets and is what is known as a corner lot, the Council shall have the power to make an assessment for the number of feet in the front of such lot, where the improvement abuts on the front of such lot. In case the improvement abuts on the side of such a lot, the assessment made for such improvement against the lot shall be for one-third (1/3) of the number of linear feet of the side of the lot, and for the purpose of assessment the short side of such lot shall be considered the front of such lot. In cases where the two (2) sides are equal, the Council shall determine which is front and which is the side of such lot. Such determination shall be final and conclusive. In cases of lots, where it be determined to be inequitable to place the entire cost of such improvements upon property abutting; or lots abutting on more than two (2) streets and of lots of irregular or unusual shape, and in cases of lots abutting on two (2) or more streets where in one (1) or more of such streets, bridges, roadways, sidewalks, curbs, gutters or storm drainage and street improvements, or any or all, have been or are about to be constructed under such circumstances as not to subject such lots to a special assessment by the Council, the Council shall have full power and authority to adjust assessments to be made against such lots for the cost of improvements herein authorized abutting such lots to such an amount as shall be just and equitable. The cost of improvements thus exempted may be included in the assessments to be made against the abutting property included in the project.

The Council may contribute from the general funds or proceeds of bond issues such sums as in its judgment is just and equitable to the original assessment, and may also receive from a municipality, agency, private individual or company and apply to such project such sum or sums of moneys as might be agreed upon. Such adjustments as may be made by the Council shall be final and conclusive.

The Council where assessments are made against unimproved lots or property which the Council deems has a substantial frontage, may contract with the owner to defer the payment of the assessment and cumulated interest for a period of time not to exceed ten (10) years.