A. Calculation: The property owner shall deposit with the City a sum to be calculated, as set forth in this subsection, on the basis of the amount of territory to be annexed to be used toward defraying the aforesaid expenses, costs, fees, salaries and compensations:
1. Single-Family Residential: For single-family residential territory up to one acre:
a. Where the owner of record is a land trust: Four hundred dollars ($400.00).
b. Where the owner of record is not a land trust: Two hundred dollars ($200.00).
2. For Territory Up To Five Acres: One thousand dollars ($1,000.00).
3. For Territory Of Five Acres Or More: One thousand dollars ($1,000.00) plus one hundred dollars ($100.00) per acre for each acre in excess of five (5) acres.
B. Time Of Payment: This deposit shall be paid to the City at the time that a petition for annexation is filed or a proposed annexation agreement is presented by the property owner, or at any time prior thereto that either the Mayor, the City Council or Finance Director may request.
(1987 Code § 2-168)