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All applications for latecomer agreements shall be on forms approved and established by the city and reviewed and approved by the city attorney. Applicants for latecomer agreements shall comply with the following procedures as a prerequisite to a latecomer agreement with the city:

1. The owner desiring to contract with the city shall notify the city engineer, in writing, at least 30 days prior to construction of the facilities of the owner’s request to enter into a latecomer agreement with the city.

2. The notice shall contain the following information:

a. the description of the facilities to be installed;

b. the description of the area where the facilities are to be installed and a map showing the location thereof;

c. the cost estimate of the facilities.

3. The owner shall submit the final construction costs to the city engineer within thirty (30) days from the date of final approval fo the construction by the city. The matter shall then be submitted to the city council which shall determine whether or not to enter into a latecomer agreement with the owner. If the project is approved for a latecomer agreement by the city council, the city shall have 90 days thereafter to finalize the agreement. In the event the owner fails to comply with the time limitations set forth in this chapter, then and in that event, the owner shall have waived the owner’s right to enter into a latecomer agreement with the city.

4. In addition to the amounts agreed to be collected by the city, the city shall charge a sum equal to 15 percent of the agreed amount to defray the cost of labor, bookkeeping and accounting.

5. The ownership of all water and sewer main lines installed on private property shall be conveyed to the city and the owner shall grant the city an easement therefor. All deeds and easements for said main line shall be submitted to the city within 60 days of the completion of construction. The ownership of all other improvements under the latecomer’s agreement shall be conveyed to the city by appropriate deed and/or conveyance document within 60 days of completion of construction.