The impact fee imposed pursuant to the terms of this article shall be due and payable upon the issuance of a building permit by the Town. It is understood that the term "building permit" is synonymous with the term "structural building permit" as that term is used in IC 36-7-4-1323, in that the issuance of a building permit authorizes the applicant to commence construction activities, structural or otherwise. The entire impact fee calculated pursuant to the terms of this article shall be due at the time of building permit issuance unless the amount of the impact fee is greater than five thousand dollars ($5,000.00), in which case an installment payment plan may be requested by the applicant in accordance with the terms set forth in IC 36-7-4-1324.

The St. John Impact Fee Review Board, as more particularly identified in section 17-53, shall establish specific rules consistent with applicable Indiana law for review and approval of installment payment plans. The interest rate on any installment payment plan shall be determined by the Impact Fee Review Board, but in any event, such interest rate shall not exceed the prejudgment rate of interest in effect at the time that the interest accrues. If interest is charged, such interest accrues only on the portion of the impact fee that is outstanding and shall not begin to accrue until the date the building permit is issued for the development or the part of the development on which the impact fee is imposed. If all or part of an installment plan 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 (10) percent of the installment amount that is overdue.

In the event that a fee payer requests, the amount of the impact fee on a development shall be assessed not later than thirty (30) days after: (1) the date that the fee payer voluntarily submits a development plan and evidence of proper zoning for the proposed development, which development plan shall be in the form prescribed by the Town Zoning Ordinance and shall contain reasonably sufficient detail for the Town to calculate the impact fee; or (2) the date the fee payer obtains a building permit for the development, whichever is earlier. For purposes of this section, "assessment" means the act of calculating the amount of the impact fee which shall be due.