(Amended by Ordinance Nos. 183447, 185326 and 189506, effective June 21, 2019.)
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.
B. Installment Payment Agreements. Payment of principal and interest shall be made in installments as set forth in the signed installment payment contract.