A. The city manager or city manager's designee may cancel the contract upon finding that a property owner is in breach of the terms of the contract. The county assessor and the property owner will be notified of the city's cancellation of the contract.
B. A property owner may cancel a contract entered into pursuant to this chapter at any time by submitting written notice to the planning director. Upon cancellation of the contract prior to the expiration of its term, the property owner shall record a notice of cancellation of the contract against the property.
C. If the contract is cancelled by the city or property owner prior to the expiration of its term, the property owner must pay to the county a cancellation fee equal to the cumulative value of the tax benefit received during the duration of the contract plus interest, as determined by the assessor. The city manager or city manager designee may waive payment of all or a portion of the fee, if he or she determines that the cancellation was caused by extenuating circumstances despite the good faith effort by the property owner. (Ord. 2015-0024 § 1)