(a) The Director of Public Service and Safety, along with the staff of the Engineering, Zoning and Inspection Department, shall compile and calculate the engineering and construction costs for providing water utilities to the areas in the southern portions of the City.
(b) The benefitting service area shall be generally defined as the land located east of Hardin Pike, adjacent to Short Road, south of U.S. 33 and adjacent to Cemetery Road.
(c) All project costs hereinabove described shall be allocated on a pro-rated basis and shall be incorporated into a plan whereby said costs are recouped on a cost-per-acre basis, and said fees shall be paid to the City by the landowners at the time their properties are developed or connected into the utility systems.
(d) Benefitting property owners shall pay simple interest on these tap-in fees based on interest accumulating at five and one-half percent per annum from May 1, 1996.
(Ord. 96-07. Passed 2-21-96.)