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The form of the latecomer reimbursement agreement shall be prepared and approved by the Director. The form shall include, but not be limited to, the following information, terms, and conditions:

A. Provide a fifteen (15) year reimbursement period, following the effective date of the agreement;

B. State the approved total cost of the utility improvements, and the cost subject to reimbursement;

C. State the method for determining the reimbursement charges;

D. Provide the payment of the reimbursement charges is required after completion of the utility improvements and prior to City’s final approval of any short plat or subdivision within the reimbursement area, or at the time a connection to the utility improvements is requested if the subject property is not within a short plat or subdivision or is within a short plat or subdivision that received final approval prior to the date of execution of the latecomer reimbursement agreement;

E. State that interest shall not accrue on the reimbursement charges;

F. Provide that the City shall deduct from all reimbursement charges it collects an amount equal to six percent (6%) of each collected amount to cover its administrative collection costs;

G. Provide that in the event that the actual costs of the utility improvements are less than the Director’s estimate used in calculating the estimated reimbursement charges by ten percent (10%) or more, the Director is authorized to recalculate and reduce the reimbursement charges and cause a revised list of reimbursement charges to be filed with the Snohomish County Auditor;

H. State that the Owner/Applicant shall be responsible for paying the cost of recording the agreement;

I. Provide that the City shall mail the reimbursement to the Owner/Applicant, or to any other person/entity designated in writing by the Owner/Applicant to receive the reimbursement, at the address given to the Director by such persons/entities;

J. Require that, every year from the date the agreement is executed, the Owner/Applicant or other person/entity designated to receive reimbursement shall provide the City with their current name, address, and phone number;

K. Provide that in the event that after reasonable efforts by the City, the person/entity to whom/which reimbursement fees are to paid cannot be located, and upon the expiration of one (1) year from the date reimbursement fees were collected by the City, the reimbursement fees shall become the property of the City and shall be deposited in the City sewer and water utility fund;

L. Provide that the City may interplead any reimbursement sum into Snohomish County Superior Court if a dispute arises as to the proper person or entity to receive the reimbursement payment.