(A) The impact fee imposed pursuant to the terms of this subchapter shall be due and payable upon the issuance of an improvement location permit by the town. It is understood that the improvement location permit is synonymous with the term "structural building permit" as that term is used in I.C. 36-7-4-1323, in that the issuance of an improvement location permit authorizes the applicant to commence construction activities, structural or otherwise.
(B) The entire impact fee which is calculated pursuant to the terms of this subchapter shall be due upon the issuance of an improvement location permit unless the aggregate amount of the impact fee is greater than $5,000, in which case an installment plan may be requested by the applicant in accordance with the terms set forth in I.C. 36-7-4-1324(a) through (d). The Zionsville Impact Fee Review Board shall establish specific rules consistent with I.C. 36-7-4-1324(a) through (d) for installment payments. The interest rate on any installment plan shall not exceed the pre-judgment rate as established by Indiana law, as amended, and shall only accrue on the outstanding portion of the impact fee beginning on the date the improvement location permit is issued.
(C) If all or part of an installment is not paid when due and payable, the amount of the installment shall be increased on the first day after the installment is due and payable by a penalty amount equal to 10% of the installment amount that is overdue, and interest shall be charged on the penalty amount.
(D) If a fee payer requests, the amount of the impact fee shall be assessed upon the voluntary submission of a development plan or upon the issuance of the improvement location permit, whichever is earlier. The town shall make the assessment within 30 days of the date of such voluntary request or upon the issuance of the improvement location permit with or without the request. For purposes of this section, "assessment" means the act of calculating the amount of the impact fee which shall be due.
(Ord. 2011-14, passed 12-5-2011; Ord. 2022-02, passed 3-7-2022)