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Section 3. Deferral of Development Impact Fees for Residential and <br />Nonresidential projects. <br />A. Notwithstanding any other provisions of this Code, some or all of the <br />development impact fees imposed on new Residential or Nonresidential buildings and <br />structures located in the City may, upon application by an Eligible Applicant and approval <br />of the Executive Director, be deferred subject to the provisions set forth below. Fees <br />eligible to be deferred shall be: <br />• Parks Acquisition and Development Fee <br />• Drainage Area Master Plan Fee <br />• Transportation System Improvement Fee (TSIP) <br />• Major Thoroughfare and Bridge Fee (to the extent, if any, it is both collected and <br />retained by the City) <br />• Fire Facilities Fee <br />• Sewer Connection Fee <br />B. Prior to the City's consideration of an application for deferral of impact fees, <br />the Applicant shall provide to the Executive Director, at the Applicant's sole cost and <br />expense, a current preliminary title report on the Subject Property. <br />C. No deferral shall be effective until the Applicant provides security to the City <br />in the form of a Fee Deferral Agreement as set forth in section 4 of this ordinance, <br />approved by the City Manager and in a form acceptable to the City Attorney. <br />D. The maximum deferral period shall be: <br />1. Prior to the final inspection or issuance of a temporary certificate of <br />occupancy or final certificate of occupancy for the new building or structure on the Subject <br />Property, whichever comes first, or <br />2. One (1) year from the date of issuance of the building permit for the <br />Subject Property. <br />E. Notwithstanding any provision to the contrary, the deferred impact fees not <br />paid at the time of building permit shall be subject to: <br />1. Interest on unpaid fees at the annual rate of interest which the City <br />earns on its investment of pooled funds shall accrue from the date of issuance of the initial <br />building permit until the deferred impact fees and all accrued interest is paid, and <br />2. An additional up -front charge shall be added to the unpaid amount to <br />cover the administrative costs incurred in processing the fee deferral application and <br />administering the fee deferral program. <br />Ordinance No. NS -XXX <br />Page 3 of 6 <br />75B -5 <br />