Indiana § 36-7-4-1324 Ordinance; installment payment plan; fee upon permit issuance;
interest; penalty for late payment

Indiana Statutes

§ 36-7-4-1324 — Ordinance; installment payment plan; fee upon permit issuance; interest; penalty for late payment

Indiana·Title 36 LOCAL GOVERNMENT·Art. 7 PLANNING AND DEVELOPMENT·Ch. 4 Local Planning and Zoning

(a)An impact fee ordinance must include an installment payment plan. The installment payment plan must at least offer a fee payer the option of paying part of an impact fee in equal installment payments if the impact fee is greater than five thousand dollars ($5,000). In an installment plan under this section:

(1)a maximum of five thousand dollars ($5,000) or five percent (5%) of the impact fee, whichever is greater, may become payable on the date the structural building permit is issued for the development on which the fee is imposed;

(2)the first installment may not become due and payable less than one (1) year after the date the structural building permit is issued for the development on which the fee is imposed; and

(3)the last installment may not be due and payable less than two (

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(a) An impact fee ordinance must
include an installment payment plan. The installment payment plan
must at least offer a fee payer the option of paying part of an impact fee
in equal installment payments if the impact fee is greater than five
thousand dollars ($5,000). In an installment plan under this section:
(1) a maximum of five thousand dollars ($5,000) or five percent
(5%) of the impact fee, whichever is greater, may become payable
on the date the structural building permit is issued for the
development on which the fee is imposed;
(2) the first installment may not become due and payable less than
one (1) year after the date the structural building permit is issued
for the development on which the fee is imposed; and
(3) the last installment may not be due and payable less than two
(2) years after the date the structural building permit is issued for
the development on which the fee is imposed.
(b) An impact fee ordinance may require an impact fee of five
thousand dollars ($5,000) or less to be paid in full on the date the
structural building permit is issued for the development on which the
impact fee is imposed.
(c) An impact fee ordinance may provide that a reasonable rate of
interest, not to exceed the prejudgment rate of interest in effect at the
time the interest accrues, may be charged if the fee payer elects to pay
in installments. If interest is charged, the ordinance must provide that
interest accrues only on the portion of the impact fee that is outstanding
and does not begin to accrue until the date the structural building
permit is issued for the development or the part of the development on
which the impact fee is imposed.
(d) An impact fee ordinance may provide that if all or part of an
installment is not paid when due and payable, the amount of the
installment shall be increased on the first day after the installment is
due and payable by a penalty amount equal to ten percent (10%) of the
installment amount that is overdue. If interest is charged under
subsection (c), the interest shall be charged on the penalty amount.

Indiana § 36-7-4-1324 (Ordinance; installment payment plan; fee upon permit issuance; interest; penalty for late payment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.