A. The City may defer payment of SDCs from the time payment is otherwise due until the time a certificate of occupancy is issued or final inspection is approved or the City accepts public infrastructure, as applicable to the particular development for which SDCs are due, subject to the provisions of this section. Deferral is not available for development for which SDCs are applicable and no building permit, certificate of occupancy, or City acceptance of infrastructure is required.

B. An application for deferral must be submitted and the deferral approved by the City before the SDC is payable under BC 12.10.100(A) or before the building permit or other development approval is accepted. An application for a deferral under this section must be accompanied by and pay a fee established by Council resolution to cover all the City’s costs associated with the deferral. The City may charge interest on deferred SDCs, at a rate established by resolution. No additional agreement is necessary to receive a deferral under this section.

C. All deferred SDCs must be paid before the City will issue an occupancy permit or final inspection.

D. Occupancy of the development before payment of the applicable SDCs is prohibited.

E. Beginning July 1, 2024, the amount of SDCs due is the amount due at the time the SDC became payable under BC 12.10.100(A), regardless of whether the SDC rates have increased by the time payment is due under a deferral under this section. For deferral agreements in place prior to July 1, 2024, the calculation of the amount due is as provided in the agreement. For deferral applications made before July 1, 2024, the amount of SDCs due shall be determined as of the date the occupancy permit is applied for.

F. The deferral under this section is available on the following schedule: