A. The developer or property owner, as applicable, shall not oppose the formation of the western Chula Vista development impact fee financing community facilities district.

B. Interest shall accrue on the outstanding balance of the fee(s) from the date the fees would have otherwise been due and payable at a fair market rate as determined by the City Council at the time of approval of the development fee deferral agreement.

C. The development fee deferral agreement shall be recorded against the property to be developed and shall be enforceable as a lien on the property.

D. The outstanding balance of the fee(s) shall be paid in full prior to any transfer, including sale or devise, of the development and associated entitlements to another party or entity.

E. Such other provisions as may be approved or required by the City Manager and the City Attorney, as necessary to secure performance from the developer and property owner. (Ord. 3344 § 1, 2015).