(1) Except as set forth in subsection (2), the impact fees for all new development shall be calculated in conjunction with the application for the first building permit for the development, or application for any other permit or approval for development that is subject to impact fees, if a building permit is not required for that development. No permit or approval will issue until all impact fees are paid in full or are accounted for by agreement with the City, as set forth in Section 8-1-111.

(2) For drainage impact fees, the impact fees shall be calculated at the time of application for plat approval. Final plat approval will not issue until drainage fees are paid in full or are accounted for by agreement with the City, as set forth in Section 8-1-111.