(A) The traffic impact fee imposed pursuant to the terms of this subchapter shall be due and payable upon the issuance of a structural building permit by the town. It is understood that a structural building permit is synonymous with the term “structural building permit” as used in I.C. 36-7-4-1323, in that the issuance of a structural building permit authorizes the applicant to commence construction activities, structural and otherwise. The entire traffic impact fee which is calculated pursuant to the terms of this subchapter be due at the time of permit issuance unless the amount of the fee upon calculation is greater than $5,000, in which case an installment plan may be requested by the applicant in accordance with the terms of I.C. 36-7-4-1324.
(B) The Impact Fee Review Board, established herein, shall establish specific rules for installment payments consistent with state law. The interest rate on any installment plan or deferred payment shall be the pre-judgment rate of interest set forth in the state statutes.
(C) If a fee payer so requests, the amount of the traffic impact fee shall be assessed upon the voluntary submission of a development plan or upon the issuance of the structural building permit, whichever is earlier. For purposes of this section, “assessment” means the act of calculating the amount of the traffic impact fee which shall be due. The town shall make such assessment within 30 days of the date of such voluntary request or at the issuance of the structural building permit with or without a request.
(Ord. 2007-03, passed - - ; Ord. passed 7-7-2014)