(1) Execution, Recording and Notice. Upon final action by the City Council, the City Clerk shall promptly mail the agreement to the developer or applicant. If the latecomer’s agreement is not signed, notarized and returned within 60 days of the date of approval by the City Council, the latecomer’s agreement shall be null and void. The City Council may extend the period for return of the executed agreement only upon proof of hardship or excusable neglect. The fully executed latecomer’s agreement shall be recorded in the official property records of King County, Washington, and shall be the sole notice requirement of the City.

(2) Title to Improvements and Assignment of Benefits. Before any fees shall be collected, the holder of the latecomer’s agreement shall transfer title to all of the improvements under the latecomer’s agreement to the City of Covington. The holder shall also assign to the City the benefit and right to the latecomer’s fee, which shall be operative in the event that fees collected cannot be forwarded to the holder in accordance with subsection (3) of this section.

(3) Payment of Fees to Holder. Within 30 days of receipt, the City shall forward all latecomer’s fees received, less the processing fee, to the current holder of the latecomer’s agreement to the current mailing address provided by said holder. Funds received by negotiable instrument will be deemed received 10 days after delivery to the City. Fees not forwarded due to the sole negligence of the City shall accrue interest until payment to the holder at the rate of eight percent on the unforwarded amount. No interest shall accrue on funds not forwarded due to circumstances not within the control of the City. The City shall make a good faith attempt to locate the holder of the latecomer’s agreement to deliver fees received. All fees which the City is unable to forward to the holder shall be placed and held in the special deposit fund for two years. The holder may make application for payment at any time within two years of payment of the fees. Failure of the holder to make such application within the time period shall vest all rights to the money in the City. The holder shall assign the benefit and right to the latecomer’s fee to the City at the time title is transferred to the City.

(4) Release of Assessment. Within 30 days of receipt, payments of latecomer’s fees shall be credited on the City’s assessment data base to the real property for which such fee is paid. A certificate of payment and release of assessment shall be recorded only when all properties affected by the latecomer’s agreement have paid the assessments in full.

(5) Term. The City Council shall set the term of a latecomer’s agreement for a period not to exceed 10 years. No extension will be granted beyond the original term established by the City Council. The latecomer’s agreement shall automatically expire at the end of the designated term.

(6) Processing Fees. A processing fee as set forth in the current fee resolution shall be deducted from any and all latecomer fees paid. After deduction of the fee, the balance shall be forwarded to the current holder of the latecomer’s agreement.

(7) Enforcement Responsibility. It shall be the responsibility of the holder of the latecomer’s agreement to notify the City of any connections to improvements which come within the terms of the latecomer’s agreement. The City will use its best efforts to collect latecomer’s fees but will not accrue any liability for failure to collect fees due. The City has no obligation to provide notice of the latecomer’s agreement to any party other than as provided in this chapter.

(8) Interest. No interest shall be added to fees collected pursuant to private developer held latecomer agreements.

(9) Future Services. Neither preliminary nor final approval of a latecomer’s agreement shall be construed to vest or grant the right to the extension or allocation of water to properties affected by the latecomer’s agreement. (Ord. 20-07 § 52; Ord. 93-98 § 1)