A. Prior to the recordation by the City of a final subdivision map or recordation by the City of a parcel map or release of either a final subdivision map or parcel map to a developer for recordation or, prior to the issuance of the first building permit for a development that is not required to submit either a final subdivision map or a parcel map, any required fees shall have been paid to the City unless an agreement has been entered into between the City, approved by the City Council, and the map applicant or building permit applicant providing for the subsequent payment of the fee, but in no event later than 60 days after map approval or at the time of the first building permit issuance if no final subdivision map, parcel map or separate agreement exists. Said agreement shall provide that such payment shall be, to the satisfaction of the City Manager and City Attorney, adequately secured by sufficient surety or letter of credit, and shall further provide for interest from date of final map approval or the first building permit issuance at City’s average earnings rates, computed and compounded quarterly, experienced by the City on its average investments (as determined by the City) (“base interest rate”), for the first 60 days after map approval or the first building permit issuance, and thereafter at the base interest rate plus two percentage points until paid, together with any attorney fees and costs incurred in enforcing the agreement. Notwithstanding any other provision of law, the City may withhold final or interim inspection of units for which building permits may have been issued and may withhold issuance of additional building permits, certificates of occupancy if applicable, or any other processing of entitlements on any property or improvements included within the territory of the map or approved development plan so approved or otherwise owned by applicant, until the required fees are received by the City. Any land to be contributed for the purposes outlined in this chapter shall be dedicated to the City and shown on the final subdivision or parcel map or approved development plan at the time of approval. The Director of Finance shall be responsible for the collection and distribution of fees as set forth in this chapter.

B. Planned developments shall be eligible to receive a credit as determined by the City Council, against the amount of land required to be dedicated, or the amount of the fee imposed, for the value of private open space within the development which is usable for active recreational uses. Such credit, if given, shall be determined on a case-by-case basis. (Ord. 3303 § 1 (Att. A), 2014; Ord. 3163, 2010; Ord. 2945 § 7, 2004; Ord. 2886 § 1, 2002).