[Adopted 12-6-2006 by Ord. No. 2006-28]
Whenever a payment is due to the Township under the provisions of Chapter 87, Article V, of the Florence Township Code for the "required growth share affordable housing obligation," arising out of the construction of a new single-family home, to be owner occupied, the Township Council may agree to accept the payments from the owner over a time schedule. The time payments shall require the payment of 50% of the obligation prior to the issuance of a certificate of occupancy. The balance shall be payable in three equal annual installments due on the annual anniversary of the date of the issuance of the certificate of occupancy.
If the payments are made when due, there shall be no interest due on the outstanding balance. If any payment is not made when due, interest shall accrue at the rate of 8% per annum when the total amount owed is $1,500 or less and at the rate of 18% per annum when the total amount owed is over $1,500, calculated from the date when the certificate of occupancy was issued. Interest shall then be charged on any remaining balance due.
The obligation to the Township shall be secured by a note and a mortgage on the subject property. All costs related to the preparation and recording of the documents shall be the obligation of the property owner.