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Section 4. Form of Security for Unpaid Development Impact Fees <br />A. As a condition of the deferral, the City shall require the property owner, or <br />lessee if the lessee's interest is of record, to execute prior to and as a condition of <br />issuance of a building permit, a Fee Deferral Agreement, which shall provide that the <br />deferred development impact fees shall be paid within the time set forth in section 4.D. of <br />this ordinance, and secured by an obligation that shall inure to the benefit of, and be <br />enforceable by the City, evidenced by either: <br />1. a senior, unsubordinated recorded lien on the Subject Property which <br />shall be enforced against successors in interest to the property owner or lessee, <br />releasable when the obligation is paid in full, which shall in the case of a Residential <br />project include requirement for an escrow instruction providing for payment out of escrow <br />from sale proceeds of the deferred fees prior to disbursing proceeds to the seller, or, at the <br />Applicant's option, <br />2. an irrevocable letter of credit from the Applicant in a form approved <br />by the City Attorney, which shall be releasable when the obligation is paid in full. <br />B. The payment of such development impact fees shall be deemed a debt due <br />and owing to the City at such time as set forth herein, which debt shall only be deemed <br />satisfied and discharged upon payment in full to the City. The City may pursue collection <br />through all available legal and administrative means including, but shall not be limited to, <br />judicial or non - judicial foreclosure of the recorded lien against the Subject Property, a <br />demand upon the irrevocable letter of credit, and /or civil judgment against the Applicant for <br />breach of the Fee Deferral Agreement and /or the security provided hereunder. <br />Section 5. Applicability. <br />This ordinance and the incentives derived hereunder shall apply only to new <br />development projects that have not obtained a building permit from the City at the time this <br />ordinance is adopted by the City Council. This ordinance shall remain in effect for three <br />(3) years from the adoption date, and as of that date is repealed unless a City Council <br />adopts a further ordinance of resolution to extend that sunset date for an additional period <br />not to exceed three (3) years. <br />Section 6. Ordinance to Operate Exclusively. <br />Except as set forth in this ordinance, all other provisions of the Code shall remain in <br />full force and effect. Nothing contained in this ordinance is deemed to authorize or permit <br />the deferral of payment of any fee or charge imposed upon Residential or Nonresidential <br />development in the City except for those development impact fees expressly set forth in <br />section 2 above. <br />Ordinance No. NS -XXX <br />Page 4 of 6 <br />11 B -6 <br />