(A) Each applicant for a building permit for new office, commercial or industrial development shall state, on a form provided by the Building Official, the amount of gross square footage contained in the development subject to the application.
(B) The Building Official shall calculate the tax due on the development and collect such tax in cash or by a negotiable instrument, prior to the acceptance of the building permit application.
(C) In the event a building permit is not required for the new development, the applicant for a certificate of occupancy shall state the amount of gross square footage contained in the development subject to the application, and the Building Official shall calculate the tax due on the development and collect such tax in cash or by a negotiable instrument, prior to acceptance of the application for the certificate of occupancy.
(D) Upon application, the Board of Mayor and Aldermen, in their sole discretion, may permit a person engaging in the business of new office, industrial and commercial development, upon application for a building permit for a development, to defer payment of tax due until the time of substantial completion of the development, as specifically defined and determined by the Board at the hearing on each application, provided that such person provides security for the full amount of the tax due in a form acceptable to the Board.
(`83 Code, § 6-807)