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Development Impact Fee Deferral Agreement for 2110, 2114 and 2020 East First Street <br />October 15, 2019 <br />Page 2 <br />financing, development and construction of the project'. Specifically, California Government Code <br />Section 66007 states that "any local agency that imposes any fees or charges on residential <br />development for the construction of public improvements or facilities shall not require the payment <br />of those fees or charges, notwithstanding any other provision of law, until the date of the final <br />inspection, or the date the certificate of occupancy is issued, whichever occurs first." This section <br />generally provides that the City shall not require the payment of development impact fees until the <br />date of the final inspection, or the date the certificate of occupancy is issued, whichever occurs <br />first. <br />The approximate development impact fees that are part of this deferral request include the <br />following: <br />Development Impact Fee <br />Amount <br />Park Acquisitions and Development <br />$3,058,443 <br />Fire Facilities <br />$664,576 <br />Transportation System Improvement Authority <br />(Combined Non -Residential and <br />Reside ntial-Multifamil <br />$398,968 <br />TOTAL <br />$4,121,987 <br />As an affordable housing project, the project qualifies for this request for deferral of their <br />development impact fees. The Owner is in the process of obtaining building permits to finalize the <br />development of the project on the Property and is therefore requesting this deferral under the law. <br />The proposed Development Impact Fee Deferral Agreement will defer approximately $4,121,987 <br />of the development impact fees for the development of the project (Exhibit 2). <br />Key Terms of the Agreement: Under the proposed Development Impact Fee Deferral <br />Agreement, the City and the Owner will agree to the following: <br />Fee Deferral and Amount. The deferred collection of the Development Impact Fees in the <br />estimated amount of approximately four million, one hundred twenty-one thousand, nine <br />hundred eighty-seven ($4,121,987). <br />Deferral Period. The development impact fees will be deferred until the final inspection or <br />issuance of a certificate of occupancy for the Project, whichever comes first. <br />Extension. An extension of the Agreement may only be granted by the City Council. <br />Payment Security. Payment of fees are a personal obligation of the Owner, or any <br />successor secured by the Property, and if left unpaid, shall be collected as a special lien <br />against the property. <br />25A-2 <br />