(A) The owner of property of the type described in § 50.01 applying for sewer and/or water service from the city, shall, in the manner hereinafter provided, pay to the city for the privilege a sum to be computed by the City Engineer which is equivalent to the fair and reasonable cost to the property owner of acquiring the use of existing facilities and/or of extending new facilities to serve the property of the applicant. In computing the cost, the City Engineer shall consider, among other things, the following factors in order to arrive at a fair reasonable sum:
(1) The cost to similar property within the city which has paid for the facilities to be acquired or used;
(2) The present or past cost to the city of extending existing facilities across the front footage of the property to be served;
(3) The availability of any new facilities installed for use by adjacent property owners which will share in the cost of the same on hooking up;
(4) A credit for any excess capacity installed: and
(5) In regard to annexed property any amounts for which bonds of the city are outstanding and to which the property has or will become subject to upon annexation.
(B) The sum to be determined by the City Engineer under the provisions of this section shall be computed on a front footage basis.
(1994 Code, § 13.24.020) (Ord. 71-2, passed - -1971)