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(A) The cost of a deferred improvement agreement will be identified to the applicant at the time of application for the partition of a tax lot.
(B) The applicant will be offered two payment options:
(1) Payment in full, up front; or
(2) A payment schedule with a 20% down payment and 20 equal, semi-annual, payments over ten years at 9% interest. This debt will be secured by a property lien.
(C) Payment will be required following approval of the partition, but before that approval is filed with the county.
(D) The deferred improvement agreement document will reflect the cost associated with the agreement and payment option selected. If a payment schedule is selected, the payment amount and dates will be reflected, as well as language referencing a property lien.
(Ord. 175, passed 5-20-1999; Ord. 190, passed 6-1-2000)