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Program for Deferring the Payment of Ciry Development Impact Fees for Residemiul Development Page 3 nl 4 6) Guarant oy f Pa~~ent. Guaranty for payment of the deferred tees shall be accomplished by the owner or builder, or other person with authority, executing: (a) a promissory note specifying the fees deferred, their amounts, potential interest and increases as set forth in Sections 4 and 5 above, and timing for payment as set forth in Section 4, above; (b) a deed of trust to be recorded against the parcel securing the amount due pursuant to the promissory note, including a covenant running with the land, agreeing that a certificate of occupancy, final inspection and gas service connection will not be provided until payment of the deferred fees is verified. The sample documents attached to this program are for a generic deferral situation. Each document will be written to apply to the specific type of residential development seeking the deferral. 7) Administration. Information about this program shall be made available in the lobby of 200 Old Bernal, and the Building and Planning Divisions may provide to each owner and builder submitting plans for a residential development a copy of this Program. If an owner or builder express interest in the program, City staff from Community Development, Finance, Economic Development and the City Attorney's Office shall determine if the project, owner or builder are eligible. If eligible, the Building Division and Finance Department will calculate fees eligible for deferment, and the City Attorney's Office will prepare the necessary promissory note and deed of trust with covenant regarding gas connection. All documents must be executed and the deed of trust with covenant regarding gas connection recorded before issuance of a building permit. Upon verification by the City of payment by the owner or builder of the deferred tees, plus interest, if applicable, the City shall execute and record a reconveyance to remove the deed of trust with covenant regarding gas connection from title to the parcel, and shall return the original promissory note. 8) Appeal. Any appeal about whether a development, owner or builder qualifies for the program may be decided by the City Manager or his designee. However, the City Manager may refer the matter to the City Council. Absent a referral by the City Manager, the decision of the City Manager or his designee shall be final and not subject to appeal. "Running with Uic land" mean, that die covenant will apply to the current owner and any subsequent owner (in the event a property ow~ier experiences a delnul[ or foreclosure and a new person hays the property).