(a) At the option of the subdivider, the impact fee may be paid in increments over a period of not more than three (3) years, with interest computed on the unpaid balance at the rate of nine (9) percent; provided, however, that the balance of the impact fee, and accrued interest shall become due and payable, in full, upon completion of the subdivision prior to the expiration of the three-year period. "Completion of the subdivision," for purposes of this section, shall mean the issuance of a building permit for the last remaining lot in the subdivision. If the subdivider chooses this extended payment option, he shall, as a condition of final plat approval, sign and file with the city clerk and consent to the recordation of, a "notice of impact fee due" which shall be recorded as a lien against the subject property. The lien may be released only upon payment in full of the impact fee. The lien may be released, in part, upon payment of the increments so that the amount of land or number of lots released is roughly equivalent to the proportion of impact fee paid. The initial incremental impact fee payment shall be due not later than one (1) year from the date of final plat approval. Subsequent incremental impact fee payments shall be due not later than two (2) and three (3) years respectively from the date of final plat approval. Payments may be made in advance at the option of the subdivider. Late payments shall subject the subdivider to a penalty of ten (10) percent of the amount due and additional interest in addition to all other remedies available to the city as a lien holder.

    (b) No final plat or administrative plat shall be recorded by the city clerk unless the impact fee is paid in full or a notice of impact fee due is filed with the city clerk and recorded as a lien against the subject property.

    (c) Upon payment of the impact fee in full by the subdivider, the city clerk shall record a release of lien for impact fee which shall read as follows:

RELEASE OF LIEN FOR IMPACT FEE DUE

    The City hereby acknowledges receipt of all Impact Fees due in connection with the ________ subdivision which were imposed as a condition of final plat approval pursuant to Article V of Chapter 25 of the Code of Ordinances of the City of Columbia, Missouri.

No such release shall be recorded until the impact fee has been paid in full.

(Ord. No. 10833, § 5, 12-16-85)