Upon application by a property owner required to repair a building sewer as required by this chapter, the City Administrator is granted authority to enter into a contract with the property owner for installment payments on the following basis:
(A) The property owner shall select a licensed contractor to complete the required work and provide the City with a cost estimate of the work to be completed.
(B) Prior to authorizing the contractor to proceed with the work, the property owner shall meet with the City Recorder (as City Treasurer) and sign an application and agreement to pay the repair costs based on the estimate plus 25%. The application for installment payments shall be on the prescribed form and shall constitute a lien upon the property.
(C) The application shall provide for a monthly payment for a period not to exceed 24 months. Interest shall accrue on the balance due at the prime interest rate plus 3.5%.
(D) At the time of completion and inspection of the repair work, the City shall make payment to the property owner and contractor based on the actual billing submitted to the owner by the contractor and adjust the monthly installment payment to reflect the actual cost.