The Council shall establish a formula for a fair and equitable contribution from each property which is benefitted by the applicant's extension for reimbursement of the initial improvement cost. No interest shall accrue. Benefitted property shall be considered as any property served by the street extension or water or sewer line extension. The Council's decision shall be final. In addition, the city shall develop a system of reporting the prorata share of the benefitted property so owners and purchasers of affected property are aware of their respective financial obligation.
(Prior Code, Ord. 94-310, passed 6-8-1994)