A.   Upon completion of the construction of the improvements, the town manager shall calculate the final improvement project fee for each benefitted property in the manner prescribed by section 5-3-6 of this chapter and shall send to each owner of benefitted property, by certified mail, an invoice for the improvement project fee.
   B.   The improvement project fee shall be due and payable thirty (30) days from the date the invoice is mailed provided, however, that the owner of any benefitted property may delay payment of the improvement project fee until: 1) such time as a building permit is requested for the construction or enlargement of a structure on such owner's benefitted property, or 2) the eighth anniversary of the mailing of the invoice described above, whichever event comes first, at which time the owner shall pay the full amount of the improvement project fee. If the property owner does not pay the full principle amount within thirty (30) days of receiving the invoice described above, interest will start accruing at seven percent (7%) per annum (compound interest). The town manager shall notify property owners annually of the status of their account.
   C.   The town shall have a lien placed upon the benefitted property as security for the collection of all improvement project fees. The lien shall become effective upon the mailing of the invoice described above and shall be discharged upon payment of the improvement project fee and any accrued interest. The town may, but is under no obligation to, record notice of such lien in the records of the Grand County clerk and recorder so as to provide notice to subsequent purchasers of the pendency of the lien.
   D.   Improvement project fees not paid when due may be collected by foreclosure of the lien in the manner provided by law for mechanic's liens or by submitting same to the Grand County treasurer for collection pursuant to Colorado Revised Statutes sections 31-20-105 and 106. (Ord. 354, Series of 2005)