In order to promote the growth and economic development of the City, the payment of connection fees for commercial properties (other than restaurants, breweries, or multi-family residential developments used for affordable housing) may be deferred.
A. Maximum Term: The term of a deferral and payment agreement under this section shall not exceed two (2) years.
B. Assurances: The owner or operator shall post an irrevocable letter of credit, Certificate of Deposit, payment bond, security bond or other acceptable assurances, as may be approved by the City Attorney's Office, for the sum of the connection fees and interest to be charged on the unpaid balance;.
C. Interest: Interest shall be as established in subsection 10-2-8-1, plus three percent (3%).
D. Existing Structure: In the event the property is an existing structure at the time of sewer connection, and additional connection (i.e., equivalent assessment) fees are imposed pursuant to subsection 10-2-6-3 of this chapter, the owner or operator may incorporate the commercial trunk and treatment connection fees into an agreement as set forth in section 10-2-8-8 of this chapter. (1952 Code § 8-11-08.010; amd. Ord. 34-23, 8-29-2023)