A traffic impact fee is hereby established on issuance of all permits for development in the above referenced area, to pay for transportation system infrastructure or public transportation services.

The City Council shall, in a Council resolution, set forth the specific amount of the fee, describe the benefit and impact area on which the development fee is imposed, list the specific public improvements or services to be financed, describe the estimated cost of these facilities or services, describe the reasonable relationship between this fee and the various types of new developments and set forth time for payment.

As described in the fee resolution, this development fee is due prior to issuance of a building permit, but may be deferred at the election of the developer until the certificate of occupancy is issued.