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DRAFT 01/02/03 (UNEDITED) -10- the time of the application for a Building Permit that the new Residential Construction for which the Building Permit is requested is intend to provide housing for persons who are 55 years of age or older; and 2. Prior to the issuance of a Certificate of Occupancy or, where a Certificate of Occupancy is not required, prior to final inspection, a Restrictive Covenant limiting the use of the property by providing that no one under the age of 21 is permitted to permanently reside on the property shall be filed with the deed on the parcel for which the School Impact Fee waiver is sought; and 3. Prior to the issuance of a Certificate of Occupancy, or where a Certificate of Occupancy is not required, prior to final inspection, a copy of the recorded Restrictive Covenant shall be produced to the County in lieu of payment of the School Impact Fee. However, where a breach or dissolution of such Restrictive Covenant occurs, a School Impact Fee shall be due pursuant to the School Impact Fee Schedule in place at the time of the change in circumstances. F. Alternative Form of Payment. Nothing herein precludes the Board of Commissioners from entering into agreements with affordable housing providers to subsidize the School Impact Fee assessed by this Ordinance. The Board of Commissioners states that its policy is to fully subsidize the School Impact Fees due from programs providing Affordable Housing within Cabarrus County. Nothing herein precludes the Cities from subsidizing the School Impact Fee on behalf of any Applicant. Subsidies made by the Board of Commissioners shall require that an amount equivalent to the School Impact Fee due be transferred into the School Impact Fee Fund prior to the issuance of a Certificate of Occupancy or a final inspection conducted. All subsidies shall be made in accordance with G. S. § 158-7.1. G. Effect of Payment of School Impact Fees on Other Applicable County Land Development Regulations: 1. The payment of School Impact Fees shall not entitle the Applicant to a Building Permit, Certificate of Occupancy, or a final inspection as such other requirements, standards and conditions are independent of the requirements for payment of a School Impact Fee. 2. Neither these procedures nor this Ordinance shall affect, in any manner, the permissible use of property, density/intensity of development, design and improvement standards or other applicable standards or requirements of the Cabarrus County Comprehensive Plan, the Cabarrus County Zoning Ordinance, or the Cabarrus County Code of Ordinances which shall be operative and remain in full force and effect without limitation. H. Any new Residential Construction which is determined to be waived from the payment of School Impact Fees but which, as a result of a change in circumstances, produces a Dwelling Unit not exempt nor entitled to a waiver pursUant to Subsections D or E hereto, shall pay the School Impact Fee imposed by Subsection A according to the Impact Fee Schedule in effect at such time as the change in circumstances occurs.