§ 8.7-12. Payment by installments.

A.

Subject to the requirements of this section, any applicant who is required to pay impact fees pursuant to this chapter for a non-residential construction or residential construction of multi-family dwelling units in the amount of two hundred fifty thousand dollars ($250,000.00) or greater may apply to the county manager to pay such impact fees in installments over such period of time (not to exceed five (5) years) as may be mutually agreed upon by the applicant and the county.

B.

In consideration for paying the impact fees in installments, an applicant must execute an impact fee installment agreement with the county under which:

1.

The applicant acknowledges indebtedness for the entire impact fee;

2.

The payment schedule and rate of interest due on each installment payment is defined, which rate of interest shall be the prevailing prime interest rate established for commercial lenders within the county;

3.

The applicant waives the right to a refund under section 8.7-11 herein;

4.

The applicant acknowledges the right of the county to record a judgment or to take measures available to any private party to collect and enforce such debt; and

5.

The applicant acknowledges that the unpaid amount of the impact fees shall constitute a lien against the property and all improvements located thereon.

C.

The impact fee installment agreement shall be recorded in the public records of the county and shall constitute a lien against the real property on which the capital facilities impact construction is constructed. Such lien shall have priority over all other liens except for taxes and other governmental liens and assessments.

(Ord. No. 18-048, § II(2.02), 7-24-18)