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structures located in the City may, upon application by an Eligible Applicant and approval of the Executive Director, be deferred subject to the provisions set forth below. Fees eligible to be deferred shall be: • Parks Acquisition and Development Fee • Drainage Area Master Plan Fee • Transportation System Improvement Fee (TSIP) • Major Thoroughfare and Bridge Fee (to the extent, if any, it is both collected and retained by the City) • Fire Facilities Fee • Sewer Connection Fee B. Prior to the City's consideration of an application for deferral of impact fees, the Applicant shall provide to the Executive Director, at the Applicant's sole cost and expense, a current preliminary title report on the Subject Property. C. No deferral shall be effective until the Applicant provides security to the City in the form of a Fee Deferral Agreement as set forth in section 4 of this ordinance, approved by the City Manager and in a form acceptable to the City Attorney. D. The maximum deferral period shall be: 1. Prior to the final inspection or issuance of a temporary certificate of occupancy or final certificate of occupancy for the new building or structure on the Subject Property, whichever comes first, or 2. One (1) year from the date of issuance of the building permit for the Subject Property. E. Notwithstanding any provision to the contrary, the deferred impact fees not paid at the time of building permit shall be subject to: 1. Interest on unpaid fees at the annual rate of interest which the City earns on its investment of pooled funds shall accrue from the date of issuance of the initial building permit until the deferred impact fees and all accrued interest is paid, and 2. An additional up -front charge shall be added to the unpaid amount to cover the administrative costs incurred in processing the fee deferral application and administering the fee deferral program. Section 4. Form of Security for Unpaid Development Impact Fees. A. As a condition of the deferral, the City shall require the property owner, or lessee if the lessee's interest is of record, to execute prior to and as a condition of issuance of a building permit, a Fee Deferral Agreement, which shall provide that the deferred development impact fees shall be paid within the time set forth in section 4.D. of Ordinance No. NS -2855 Page 3 of 5