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<br />Deferring Collection of <br />Development Impact Fees <br />August 18, 2008 <br />Page 2 <br /> <br />draft ordinance require a developer to execute a contract to pay the <br />fees, with interest, prior to issuance of the certificate of <br />occupancy/compliance. This contract will be recorded with the Orange <br />County recorder and constitute a lien for the payment of the fees. <br />Alternatively, the obligation will be secured by an irrevocable letter of <br />credit from the developer. So as to avoid any fiscal impact to the City, <br />the ordinance further provides that a developer will offset the City's <br />costs to implement and administer the fee deferral program. <br /> <br />Additionally, this ordinance <br />authority to extend plan check <br />to one year, without the need <br />pay new fees. <br /> <br />will temporarily grant the City the <br />review or inactive building permits for up <br />for the developer to submit new plans and <br /> <br />The ordinance will be in effect for one year, unless extended for one <br />additional year by further action of the City Council. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact associated with this action. <br /> <br />~ino <br /> <br />Executive Director <br />Planning and Building Agency <br /> <br />JMT:rb <br /> <br />rb\reportS\Defer Devel Impact Fees <br /> <br />75A-2 <br />