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Any developer utilizing private funds to install infrastructure (street, water, or sewer (sanitary and/or storm)) improvements and appurtenances may apply to the city to establish a latecomer agreement for recovery of a prorated share of the cost of constructing said public improvement from other properties that will later derive a benefit from said improvements. This chapter is intended to apply to all street system improvements and all utility system improvements where the construction of such improvements are the result of a City ordinance or ordinances that require such improvements as a prerequisite to property development. No reimbursement agreement/latecomers’ agreement shall extend from a period longer than 15 years from the date of final acceptance by the city unless a longer period is allowed pursuant to RCW 35.72.020 or 35.91.020. The city council shall have discretion to authorize or not to authorize latecomer agreements on a case-by-case basis and to determine the length of the term of any latecomer agreement.