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y <br />► ZI ZT-11 <br />Sec. 86-3. - Agreement to defer system development charges and tapping fees or <br />charges. <br />(a) Generally. Any applicant may enter into a Fee Deferral Agreement with the City <br />designed to allow the applicant to defer payment of water system development charges, <br />water tapping fees, sewer development charges, or sewer tapping fees, until such time <br />that the applicant is ready to apply for Certificate of Occupancy. <br />(b) Procedure. To initiate eligibility review, the applicant must submit together with <br />the application for a building permit, an Application for Fee Deferral Agreement, <br />including any documentation supporting the request for fee deferral and an <br />administrative fee that may be determined by the City Commission by resolution. Upon <br />receiving approval from the City Manager, the proposed Fee Deferral Agreement must <br />be presented to the City Commission for approval. Any such Fee Deferral Agreement <br />may provide for execution by mortgagees, lienholders, or contract purchasers, in <br />addition to the landowner, at the discretion of the City, and must be recorded in the <br />Official Records of the County. <br />(c) Terms. The Fee Deferral Agreement will set forth the schedule and method for <br />payment of the system development charges, tapping fees or charges, which will apply <br />in lieu of the requirements for payment of the system development charges, tapping <br />fees and charges set forth in Sections 86-186 and 86-68, respectively, and the form of <br />security that the applicant will provide. The Fee Deferral Agreement must include <br />provisions setting forth the total unpaid amount of the system development charges, <br />tapping fees or charges that remains outstanding, together with an acknowledgement <br />that the balance of the unpaid charges must be paid in full prior to the issuance of a <br />Certificate of Occupancy. The Fee Deferral Agreement may provide for the fees to rise <br />with inflation, when the City Commission finds the development may encounter delays. <br />The Fee Deferral Agreement, once recorded in the Official Records, will constitute a lien <br />on the property in question. <br />(d) Security. The Fee Deferral Agreement may include security that the applicant <br />has provided to ensure payment of the system development charges, tapping fees and <br />charges, which security may include one of the following forms, at the City's discretion: <br />(1) Cash bond equal to 25 percent of the total amount of the system development <br />charges, tapping fees or charges, as calculated at the time of permit application; or <br />(2) An immediately funded escrow account in an amount determined by the City. <br />Page 1 <br />