Extended payment period for deferred impact fee.
Cape Coral Code of Ordinances § 2-24.40
in effect§ 2-24.40 - Extended payment period for deferred impact fee.
(a) Application. Any business which has been granted an impact fee deferral pursuant to the terms of this division and who desires to pay the impact fee(s) so deferred over an extended period of time rather than to pay them in a single lump-sum at the expiration of the deferral period may apply to the city for an extended payment period. The application shall be made in writing on a form available from the city and shall be filed with the city no later than 180 calendar days prior to the expiration of the deferral period.
(b) Term. If the City Council approves the application for an extended payment period, the business shall be allowed an additional period of time during which to repay the previously deferred impact fee(s). The extended payment period may equal, but not exceed the length of the impact fee deferral period. However, in no event shall the combination of the extended payment period with the deferral period exceed ten years from the date when the deferred impact fee(s) were originally due.
(c) Payment terms. Any business granted an extended period of time in which to pay the previously deferred impact fee(s) shall pay the impact fee(s) over the life of the extended payment period together with interest at a rate equal to 0.5% over the prevailing prime rate at the time the city approves the application for an extended payment period. Prepayments shall be accepted at any time and a business which chooses to prepay shall be charged interest only to the date of any prepayment together with any administrative costs authorized by the city.
Source: City of Cape Coral, Florida, Code of Ordinances, City Charter and Land Development Code (Municode Library, library.municode.com)URL: https://library.municode.com/fl/cape_coral/codes/code_of_ordinances?nodeId=CH2AD_ARTIIFE_DIV6IMFEDE_S2-24.40EXPAPEDEIMFEFetched: 11/4/2026