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subsection shall be conditioned to ensure compliance with the provisions of this section using <br />any one of the following methods: <br />1. The applicant records a covenant approved by the planning director to assure owner <br />occupancy. At a minimum, the covenant must require owner occupancy of each dwelling <br />unit subject to this subsection for a period of twelve years and require that, if the property <br />is converted to a rental, the property owner must pay the applicable difference between the <br />fee in lieu for dwelling units intended for rent and the fee in lieu for dwelling units intended <br />for owner occupancy in effect at the time of conversion or in effect at the time of <br />construction, whichever is greater. Covenants required by this subsection must be recorded <br />with the Snohomish County auditor. <br />2. The applicant enters into an agreement with the city under which no individual or entity <br />may purchase from the applicant more than one dwelling unit. An “entity” includes any firm, <br />company, trust, estate, partnership, limited liability company, corporation, joint venture, <br />association or society. Entities with a common owner may collectively purchase only one <br />dwelling unit from the applicant. <br />3. The applicant proposes, and the Planning Director approves, an alternate method of <br />ensuring owner occupancy <br />C. Beginning January 1, 2027, and each January 1 thereafter, the fee in lieu rates under this <br />section shall be adjusted based on the percentage change in the Seattle-Tacoma-Bellevue <br />Consumer Price Index for All Urban Consumers (“CPI-U”) for the previous 12-month period or an <br />equivalent consumer price index if CPI-U is no longer published. <br />19.54.070 Deferred fee in lieu. <br />A fee in lieu under subsection EMC 19.54.060 may be deferred until six months after a <br />certificate of occupancy is issued for a dwelling unit subject to this section. <br />A. An applicant seeking a deferral under this subsection (G) may be required to grant <br />and record a deferred fee lien against the property in favor of the city in the amount of <br />the deferred fee. The deferred fee lien, which must include the legal description, tax <br />account number, and address of the property, must also be: <br />1. In a form approved by the city; <br />2. Signed by all owners of the property, with all signatures acknowledged as <br />required for a deed, and recorded in Snohomish County; <br />3. Binding on all successors in title after the recordation; and <br />4. Junior and subordinate to one mortgage for the purpose of construction upon <br />the same real property granted by the person who applied for the deferral of <br />impact fees. <br />B. Upon receipt of final payment of all deferred fees for a property, the county, city, or <br />town must execute a release of deferred impact fee lien for the property. The property