(Amended by Ordinance Nos. 183447 and 185326, effective July 1, 2012.)
A. Deferred Payments.
1. The City shall authorize the deferred payment of system development charges for periods not to exceed 6 months for projects valued less than or equal to $750,000, 9 months for projects valued greater than $750,000 and less than or equal to $7 million, and 12 months for projects that are valued greater than $7 million.
2. For purposes of this Section, the City shall rely on the value assigned to projects by the City when calculating building permit fees.
3. The City shall charge simple interest during the deferral period at the interim interest rate established by ordinance pursuant to Chapter 17.12 of this Code.
4. The City shall collect fees and charges for the processing and administration of deferred payment agreements as set by general ordinance.
5. The City shall authorize the deferred payment of system development charges for periods not to exceed 18 months for new single family residential dwellings (detached, duplex, row house, townhouse) regardless of project value; this option shall include the requirements of Subsections 3. and 4. of this Section and shall be offered on projects for which complete building permit applications and SDC deferral applications in accordance with Section 17.14.030 are received between July 1, 2012 through June 30, 2014. Development for which a complete building permit application or a SDC deferral application under Section 17.14.030 are received after June 30, 2014 are not eligible for the deferral provided by this Subsection.
B. Installment Payment Agreements.
Payment of principal and interest shall be made in installments as set forth in the signed installment payment contract.