(1) In addition to any application or permit fee required by section 7.385, when the owner of real property is required to obtain an access connection permit to take access onto a street for which the city has given a credit under subsections 7.730(3) and 7.730(4) based upon the size of the street improvements that would be assessable under subsection 7.175(2)(b) and section 7.180, the owner shall pay to the finance officer an equivalent assessment and any other fees required by the city before taking access to the street. If the property has delinquent local improvement assessments against it, before issuing the access connection permit, all delinquent assessments shall be brought current. The equivalent assessment shall be determined by the city engineer, taking into account the city policies regarding size of streets assessed to benefitted property, based on the greater of the credit given under subsection 7.730(3) or (4) for the street to which access is proposed or the cost at the time of taking access of local improvement assessments for similar streets. As used in this subsection “cost” includes the expenses identified in section 7.170. Any person aggrieved by the city engineer’s determination of the equivalent assessment may seek its review before a hearings official by following the procedures in section 2.021 of this code. The petitioner shall have the burden of proof in such review.

(2) Nothing in this section shall prevent the city from creating a local improvement district for street improvements under section 7.175 upon a determination that an existing street improvement for which the city has given credit under subsection 7.730(3) and (4) is determined to specially benefit property that did not pay for the street improvements. Such assessments shall be calculated upon the greater of the amount of credit given by the city or the cost of constructing a similar street improvement at the time of the formation of the local improvement district. If a property has been given an equivalent assessment under subsection 7.407(1) it may not be assessed again for the same street improvements.

(3) Except as otherwise provided in subsection 7.180(5)(f), equivalent assessments required by subsection 7.180(5) shall be paid at the time of development by the person who receives a permit to develop the parcel as described in subsection 7.180(5)(e). The equivalent assessment shall be calculated by the city engineer in accordance with section 7.180(5), if applicable, and the engineer’s estimate of what the costs of the improvement would be if the improvement were constructed at the time of the development giving rise to the obligation to pay the equivalent assessment.

(4) In lieu of paying the equivalent assessment at the time of issuance of the curb cut permit or upon the occurrence of one of the events described in subsection 7.180(5)(e), except where the development involves creation of a subdivision, the person obligated to pay the equivalent assessment may execute and deliver to the finance officer an agreement to pay the equivalent assessment in installments. The finance officer may accept an agreement to pay only if it is consistent with the limits established under subsection 7.160(2) and (3). Equivalent assessments paid as provided in this subsection shall be charged interest on the unpaid principal balance as provided in section 2.022 of this code and are hereby declared a lien against the real property and shall be docketed in the lien docket of the city and may be foreclosed in the same manner as other assessment liens.

(5) The equivalent assessment required by this section shall be used for street purposes and shall be in addition to all other fees and assessments required by this code.