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Annexation Area Benefits to all \ \ D~ ~Yk-~ MEMORANDUM April 12,2004 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Extension of Benefits in the Annexation Area to All Property Owners Property owners submitted written applications for voluntary annexation of approximately 642 acres to the City of Dubuque. An additional 48 acres were included without the owners' consent to avoid the creation of an island. The City Council approved the annexation of these 690 acres of private property at the January 5,2004 meeting. Members of the City Development Board raised the question at the April 1, 2004 public hearing as to why certain benefits were provided only to the property owners who signed the annexation agreement with the City of Dubuque. Planning Services Manager Laura Carstens recommends City Council approval of the extension of all benefits of the annexation agreement to all property owners, including the non-consenting property owners, in the annexation area. I concur with the recommendation and respectfully request Mayor and City Council approval. . ~{~;~ MCVM/jh Attachment cc: Barry Lindahl, Corporation Counsel Cindy Steinhauser, Assistant City Manager Laura Carstens, Planning Services Manager D~ ~Yk-~ MEMORANDUM April 12, 2004 TO: FROM: Michael Van Milligen, City Manager Laura Carstens, Planning Services Manager SUBJECT: Extension of Benefits in the Annexation Area to All Property Owners Introduction This memorandum transmits a resolution extending ali benefits of the annexation agreement for voluntary annexation of territory on the west side of Dubuque to all property owners, including the non-consenting property owners, in the annexation area. Discussion Property owners submitted written applications for voluntary annexation of approximately 642 acres to the City of Dubuque. An additional 48 acres were included without the owners' consent to avoid the creation of an island. The City Council approved the annexation of these 690 acres of private property at the January 5, 2004 meeting. The City Council approved an annexation agreement on August 18, 2003 with the owners of 642 acres of the private property in the annexation territory. (One of the property owners who is voluntarily annexing did not sign the annexation agreement.) The annexation agreement provides certain benefits to property owners who signed the agreement: 1. A five-year transition of the imposition of the City portion of property taxes; 2. Interest-free financing for sewer connections to their homes; 3. The extension of certain sewer and water lines when they develop their property; and 4. The City's support of a change in the DMATS long-range transportation plan for reconstruction of Middle Road to eliminate the reference to a "divided" highway. Extension Annexation Benefits Page 2 of 2 Recommendation . Members of the City Development Board raised the question at the April 1, 2004 public hearing as to why certain benefits were provided only to the property owners who signed the annexation agreement with the City of Dubuque. The City's legal consultant, Frank Smith, has recommended that the City Council extend theJ>ame benefits to the owners of approximately 48 acres of land who have not signed the annexation agreement with the City of Dubuque. Corporation Counsel Barry Lindahl concurs with Mr. Smith's recommendation. The City of Dubuque has the capacity to provide substantial municipal services to the entire annexation area. I recommend that the City Council adopt the enclosed resolution extending all benefits of the annexation agreement to all property owners, including the non-consenting property owners, in the annexation area. Enclosures cc Barry Lindahl, Corporation Counsel Frank Smith, Smith Law Offices ---,.. ..... ' Prepared by: laura Carstens Cilv Planner Address: Cilv Hall 50 W. 13th 51 Telephone: 589-4210 RESOLUTION NO. 174-04 RESOLUTION EXTENDING ALL BENEFITS FOR ANNEXATION OF TERRITORY ON THE WEST SIDE OF DUBUQUE TO ALL PROPERTY OWNERS, INCLUDING NON- CONSENTING PROPERTY OWNERS Whereas, property owners have submitted written applications for voluntary annexation of approximately 642 acres to the City of Dubuque, Iowa; and Whereas, the City Council of the City of Dubuque, Iowa has approved the annexation of approximately 690 acres of private property to the City of Dubuque, Iowa; and Whereas, the City Council of Dubuque, Iowa has extended certain benefits to the owners of approximately 642 acres who have signed an annexation agreement with the City of Dubuque for voluntary annexation of their properties to the City of Dubuque, Iowa; and Whereas, the City Council of Dubuque, Iowa has determined that these same benefits should be extended to the owners of approximately 48 acres of land who have not signed an annexation agreement with the City of Dubuque for voluntary annexation of their properties to the City of Dubuque, Iowa; and Whereas, the City of Dubuque has the capacity to provide substantial municipal services to the entire annexation area. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That subject to said annexation being approved and the annexation territory being annexed to Dubuque, the City Council of Dubuque, Iowa herby provide for the transition of the imposition of City taxes against all property in the annexation territory, in accordance with the tax exemption schedule provided under Iowa Code section 472B.3, subsections 1 through 5, for the levy and collection of taxes as follows: 1. For the first year, seventy five percent (75%). 2. For the second year, sixty percent (60%). 3. For the third year, forty-five percent (45%). 4. For the fourth year, thirty percent (30%). 5. For the fifth year, fifteen percent (15%). . ",' Resolution No. Page 2 "04 Section 2. That, subject to said annexation being approved and the annexation territory being annexed to Dubuque, the City Council of Dubuque, Iowa does hereby provide for the extension of all benefits described in the annexation agreement, made a part hereof as Exhibit 1, approved by the City Council of Dubuque, Iowa on August 18, 2003. Section 3. That the City Clerk shall file this resolution and all exhibits with the City Development Board in accordance with the provisions of Chapter 368 of the Iowa Code. Passed, approved and adopted this 19th day of April, 2004. Terrance M. Duggan, Mayor Attest: Jeanne F. Schneider, City Clerk EXH I BIT 1 AGREEMENT BETWEEN AND AMONG THE CITY OF DUBUQUE, IOWA AND CERTAIN PROPERTY OWNERS IN DUBUQUE COUNTY, IOWA This Agreement is made and entered into this lßì.b day of IInçjl;,r , 2003 by, between and among the City of Dubuque, Iowa (City) and certain owners of property situated in Dubuque County, Iowa. WHEREAS, the following are the owners (referred to collectively as the Property Owners) of the real property shown on the attached Exhibit A: Parcel 1 Terrence Bahl and Martin & Linda Bahl LEGAL DESCRIPTION: Lot 1-1-1-1-1 W 1/2 NW lying N of Road Section 19 T89N R2E; Lot 5 SW Section 18 T89N R2E Parcel 2 Bahl Familv Partnership LEGAL DESCRIPTION: Lot 1-1-1c1-1 W 1/2 NW Lying S of Road Section 19 T89N R2E; Lot 2-1-1 of the SE NW Section 19 T89NR2E; N1/2 of the NE SW Section 19 T89N R2E; N1/2 of the NW SE Section 19 T89N R2E; NW SE Section 24 T89N R1E; SW SE Section 24 T89N R1E; W 1/2 SE SE Section 24 T89N R1 E; NE NW Section 19 T89N R2E Parcel 3 Eldon '& Loretta Bahl South 1/2 of the NW SE Section 19 T89N R2E; Lot 1 of the SE of the SW Section 19 T89N R2E; South 1/2 of the NE SW Section 19 T89N R2E; Lot 1 of the West 30 Acres of the SW SE Section 19 T89N R2E Parcel 4 ~ Steven & Sandra Bahl LEGAL DESCRIPTION: East 10 Acres of the SW SE Section 19 T89N R2E Parcel 5 Marilvn Blake LEGAL DESCRIPTION: Lot 1 of the SE SE Section 19 T89N R2E Parcel 6 ..'" ...., "'" Joseph & Marv Behnke LEGAL DESCRIPTION: Lot 1-1-1-2 NE NESection 30 T89N R2E; SE NE Section 30 T89N R2E Parcel 7 Terrence Bahl and Martin & Linda Bahl LEGAL DESCRIPTION: NW SE Section 24 T89N R1E; SWSE Section 24 T89N R1E; W 1/2 $E SE Section 24 T89N R1E ParcelS Harold Nimmick LEGAL DESCRIPTION: Lot 1 of the East 901.6' of the North 650' of Lot 1 of A. Tigges Sub of. NW NW Section 30 T89N R2E; Lot 2-2 of the East 901.6' of the North 650' of Lot 1 of A. Tigges Sub of NW NW Section 30 T89N R2E; Lot 1-2 of the East 901.6' of the North 650' of Lot 1A of A. Tigges Sub of NW NW Section 30 T89N R2E Parcel 9 Peter Henkels LEGAL DESCRIPTION: Lot 2 of Part of Lot 1 of A. Tigges Sub Section 30 T89N R2E; Lot 2-1 of Part of Lot 1 of A. Tigges Sub Section 30 T89N R2E; Partof Lot 1-1-1 of A. Tigges Sub of NW NW Section 30 T89N R2E Parcel 10 Rosean Mary Schromen LEGAL DESCRIPTION: Southerly 10.25 Acres of Lot 1of A. Tigges Sub T89NR2E Parcel 11 Callahan Construction East LEGAL DESCRIPTION: Lot 1 of the SW of the NW of Section 30 T89N R2E and Lot 2 of the SE of the NW of Section 30 T89N R2E Parcel 12 Callahan Construction West LEGAL DESCRIPTION: NE NE Section 25 T89N R1E; Lot 1-1 SE NE Section 25 T89N R1 E; Lot 2 SE NE Section 25 T89N R1 E Parcel13a Charles & Marie Miller LEGAL DESCRIPTION: Lot 2 of the SE of the NW Section 19 T89N R2E Parcel13b Mark & Michelle Bahl LEGAL DESCRIPTION: Lot 2 of the SE SW Section 19 T89N R2E and Lot 2 of the W 30 acres of the SW SE Section 19 T89N R2E . ...~ .,.-- ,,-~ Joseph & Marv Behnke LEGAL DESCRIPTION: Lot 1-1-1-2 NE NE Section 30 T89N R2E; SE NE Section 30 T89N R2E -. Parcel 7 Terrence Baht and Martin & Linda Bahl LEGAL DESCRIPTION: NW SE Section 24 T89N R1 E; SW SE Section 24 T89N R1E; W 1/2 $E SE Section 24 T89N R1E Parcel 8 Harold Nimmick LEGAL DESCRIPTION: Lot 1 of the East 901.6' of the North 650' of Lot 1 of A. Tigges Sub of NW NW Section 30 T89N R2E; Lot 2-2 of the East 901.6' of the North 650' of Lot 1 of A. Tigges Sub of NW NW Section 30 T89N R2E; Lot 1-2 of the East 901.6' of the North 650' of Lot 1A of A. Tigges Sub of NW NW Section 30 T89N R2E Parcel 9 Peter Henkels LEGAL DESCRIPTION: Lot 2 of Part of Lot 1 of A. Tigges Sub Section 30 T89N R2E; Lot 2~1 of Part of Lot 1 of A. Tigges Sub Section 30 T89N R2E; Part of Lot 1-1-1 of A. Tigges Sub of NW NW Section 30 T89N R2E Parcel 10 Rosean Marv Schromen LEGAL DESCRIPTION: Southerly 10.25 Acres of Lot 1 of A. Tigges Sub T89N R2E ~. Parcel 11 Callahan Construction East LEGAL DESCRIPTION: Lot 1 of the SW of the NW of Section 30 T89N R2E and Lot 2 of the SE of the NW of Section 30 T89N R2E Parcel 12 Callahan Construction West LEGAL DESCRIPTION: NE NE Section 25 T89N R1E; Lot 1-1 SE NE Section 25 T89N R1 E; Lot 2 SE NE Section 25 T89N R1 E Parcel 13a Charles & Marie Miller LEGAL DESCRIPTION: Lot 2ot the SE of the NW Section 19 T89N R2E Parcel13b Mark & Michelle Bahl LEGAL DESCRIPTION: Lot 2 of the SE SW Section 19 T89N R2E and Lot 2 of the W 30 acres of the SW SE Section 19 T89N R2E . -~ """,""'O --,.. -. ..' ....--'-" Parcel13c Mark & Amaelia Pasker LEGAL DESCRIPTION: Lot 2 of SE SE Section 19 T89N R2E Parcel13d Francis & Darlene McDonald LEGAL DESCRIPTION: Lot 2-1-2 of the NE NE Section 30 T89N R2E Parcel13e Mark & Kimmie Heins LEGAL DESCRIPTION: Lot 2-2 of the NE NE Section 30 T89N R2E Parcel13f Douqlas & Dianne Fritsch LEGAL DESCRIPTION: Lot 1 of the NE NE Section 30 T89N R2E and Lot 2-1-1-2 of the NE NE Section 30 T89N R2E Parcel13g Elaine White LEGAL DESCRIPTION: Lot 2 of the NW NE Section 30 T89N R2E Parcel13h Llovd & Jane Steffen LEGAL DESCRIPTION: Lot2-1 of the NW NE Section 30 T89N R2E Parcel13i Allen & Marv Ann Lex LEGAL DESCRIPTION: Lot 2 Sub E 10 Acres NE NW Section 30 T89N R2E Parcel13j Stan lev & Lou Ann Ward LEGAL DESCRIPTION: Lot 1-4-1 of the SW SW Section 19T89N R2E Parcel13k Karen Coqan LEGAL DESCRIPTION: Lot 2-6-1 of the SW SW Section 19 T89N R2E Parcel 131 Wayne Siebert LEGAL DESCRIPTION: Lot 2-4-1 of the SW SW Section 19 T89N R2E Parcel 13m Donald & Luella Coqan LEGAL DESCRIPTION: Lot 1-6-1 ofthe SW SW Section 19 T89N R2E Parcel13n Marv Krabbenhoft LEGAL DESCRIPTION: Lot 4 of A. Tigges Sub Section 30 T89N R2E; Lot 5 of A. Tigges Sub Section 30 T89N R2E Parcel 130 Kenneth & Maurine Harris LEGAL DESCRIPTION: Lot 2-1 of the SE NE Section 25 T89N R1E Parcel13p Gene and Jean Potts LEGAL DESCRIPTION: Lot 1 of Potts Place lying outside the Asbury city limits T89N R2E Parcel13q Wilfred R. Jr. and Vicky L. Bahl LEGAL DESCRIPTION: Lot 1-1-1 SE NW Section 19 T89N R2E WHEREAS, the Property Owners are interested in annexation to the City of Dubuque, Iowa; and WHEREAS, as an incentive to the Property Owners to voluntarily annex to the City of Dubuque, City is willing to enter into this Agreement, but only upon the terms and conditions set forth herein. NOW, THEREFORE, IT IS AGREED BY AND AMONG THE PARTIES AS FOLLOWS: 1. This Agreement is subject to final approval and execution by the Property Owners by not later than August 14, 2003. In the event that all of the Property Owners do not approve this Agreement by such date, the City in its sole discretion may determine whether or not to proceed with this Agreement as to the Property Owners who have approved and executed this Agreement. If the City determines not to proceed, then this Agreement shall be null and void. 2. This Agreement is subject to final approval by the City of Dubuque City Council by not later than December 1, 2003. If this Agreement is not approved by such date, it shall be null and void. 3. This Agreement is subject to a final order of the City Development Board, after the exhaustion of any and all appeals from the action of the Board or the expiration of t!Ìe time within which such appeals may be brought, approving the voluntary annexation of any of the following properties (the Annexation Properties) shown on Exhibit A: ,~-- ,- Parcel13n Marv Krabbenhoft LEGAL DESCRIPTION: Lot 4 of A. Tigges Sub Section 30 T89N R2E; Lot 5 of A. Tigges Suo Section 30 T89N R2E Parcel 130 Kenneth & Maurine Harris LEGAL DESCRIPTION: Lot 2-1 of the SE NE Section 25 T89N R1E Parcel13p Gene and Jean Potts LEGAL DESCRIPTION: Lot 1 of Potts Place lying outside the Asbury city limits T89N R2E Parcel13q Wilfred R. Jr. and Vicky L. Bahl LEGAL DESCRIPTION: Lot 1-1-1 SE NW Section 19 T89N R2E WHEREAS, the Property Owners are interested in annexation to the City of Dubuque, Iowa; and WHEREAS, as an incentive to the Property Owners to voluntarily annex to the City of Dubuque, City is willing to enter into this Agreement, but only upon the terms and conditions set forth herein. '--. NOW, THEREFORE, IT IS AGREED BY AND AMONG THE PARTIES AS FOLLOWS: 1. This Agreement is subject to final approval and execution by the Property Owners by not later than August 14, 2003. In the event that all of the Property Owners do not approve this Agreement by such date, the City in its sole discretion may determine whether or not to proceed with this Agreement as. to the Property Owners who have approved and executed this Agreement. If the City determines not to proceed, then this Agreement shall be null and void. 2. This Agreement is subject to final approval by the City of Dubuque City Council by not later than December 1, 2003. If this Agreement is not approved by such date, it shall be null and void. 3. This Agreement is subject to a final order of the City Development Board, after the exhaustion of any and all appeals from the action of the Board or the expiration of the time within which such appeals may be brought, approving the voluntary annexation of any of the following properties (the Annexation Properties) shown on Exhibit A: .- '" Parcels 1 through and including 12, and Parcels 13a through and including 13q In the event the City Development Board order approves such annexation as to less than all of the Property Owners' properties, this Agreement shall be null and void with respect to any of the Property Owners' properties not included in the Board's order. 4. By not later than August 14, 2003, all of the Property Owners shall file with the, City an application for the voluntary annexation of such Property Owners' property. Each Property Owner agrees not to withdraw the application or any part thereof after its filing with the City Council. 5. Upon the filing of the Property Owners' applications for voluntary annexation, the City shall promptly consider the applications and if the applications are approved by the City Council, transmit the applications to the City Development Board as provided by law. 6. City agrees if the applications are approved, the resolution approving the applications shall provide for the transition for the imposition of city taxes against the Property Owners' properties. The Property Owners' properties shall be entitled to the following partial exemption from taxation for city taxes for a period of five years: 1. For the first year, seventy-five percent. 2. For the second year, sixty percent. 3. For the third year, forty-five percent. 4. For the fourth year, thirty percent. 5. For the fifth year, fifteen percent. 7. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 3, 4, 5 or 6 aM the. commencement of construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Sanitary Sewer Collector Line A as shown on Exhibit A. Any cost to extend Collector Line A beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who cOnnects to Collector Line A shall pay the intercept connection charge established by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system. 8. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 1, 2, or 3 and the commencement of construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Sanitary Sewer Collector Line B through Parcels 8, 9 and 10 as shown on Exhibit A. Any cost to extend Collector Line B beyond the point shown on Exhibit A is .not the subject of this Agreement. A Property Owner who connects to' Collector Line B shall pay the intercept connection charge established by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system.' ~ 9. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 8 and the commencement of construction of the public improvements required by the resolution approving such' plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Sanitary Sewer Collector Line B through Parcels 9 and 10 as shown on Exhibit A. Any cost to extend Collector Line B beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Collector Line B shall pay the intercept connection charge established by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system. 10. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 9 and the commencement of construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Sanitary Sewer Collector Line B through Parcel 10 as shown on Exhibit A. Any cost to extend Collector Line B beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Collector Line B shall pay the intercept connection charge establi::;hed by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system. The property owner of Parcel 12 who connects to the existing sewer collector west of Seippel Road in the Dubuque Industrial Center West shall pay the intercept charge established by the City, in the amount of $500.00 per acre for each acre or a portion of an acre connected at the time of connection to the City sanitary sewer system. 11. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 4, 5 or 6 and the commencement of construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Water Main A as shown on Exhibit A. Any cost to extend Water Main A beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Water Main A shall pay the connection charge established by the City in the amount of $11 per lineal foot of property frontage on Middle Road. Line B through Parcels 8, 9 and 10 as shown on Exhibit A. Any cost to extend Collector Lin\3 B beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Collector Line B shall pay the intercept connection charge established by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system. ~, 9. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 8 and the commencement of construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Sanitary Sewer Collector Line B through Parcels 9 and 10 as shown on Exhibit A. Any cost to extend Collector Line B beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Collector Line B shall pay the intercept connection charge established by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system. . 10. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 9 and the commencement of . construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Sanitary Sewer Collector Line B through Parcel 10 as shown on Exhibit A. Any cost to extend Collector Line B beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Collector Line B shall pay the intercept connection charge established by the City in the amount of $500.00 per acre for each acre or portion of an acre connected at the time of connection to the City sanitary sewer system. The property owner of Parcel 12 who connects to the existing sewer collector west of Seippel Road in the Dubuque Industrial Center West shall pay the intercept charge established by the City in the amount of $500.00 per acre for each acre or a portion of an acre connected at the time of connection to the City sanitary sewer system. ~ 11. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 4, 5 or 6 and the commencement of constrùction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Water Main A as shown on Exhibit A. Any cost to extend Water Main A beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Water Main A shall pay the connection charge established by the City in the amount of $11 per lineal foot of property frontage on Middle Road. .~ - 12. City agrees that upon final approval of a final subdivision plat by the City Council of the City of Dubuque for Parcel 1, 2,3, 8, 9, 10 or 12 and the commencement of construction of the public improvements required by the resolution approving such plat, City shall not later than twelve months after the commencement of such construction at City's sole expense extend City's Water Main B as shown on Exhibit A. Any cost to extend Water Main B beyond the point shown on Exhibit A is not the subject of this Agreement. A Property Owner who connects to Water Main B shall pay the connection charge established by the City in the amount of $11 per lineal foot of property frontage on Middle Road or Seippel Road. 13. The City will also consider an amendment to the Dubuque Metropolitan Area Transportation Study 2025 Long Range Transportation Plan that would eliminate the reconstruction of Middle Road to a proposed four-lane "divided" road from Radford Road to Seippel Road and revise the plan to an "undivided" roadway with access across the centerline. 14. If, following annexation of the Property Owners' properties, City for any reason requires a Property Owner to connect a Property Owner's residence located on the property as of the date of this Agreement to City's sanitary sewer system, City shall pay all costs of connecting such property to the sanitary sewer system. A Property Owner. shall be assessed by City for such costs but the assessment shall be deferred without interest until the Property Owner disposes by sale or otherwise of the property on which such residence is located,.at which time such assessment (without interest) shall become due. If at the time the assessment becomes due the Property Owner elects to defer payment as . provided by Iowa Code ch. 384, interest shall accrue as provided in ch. 384 from the date the assessment became due. 15. This Agreement shall apply to and bind the successors in interest of the parties. 16. The parties agree that all understandings and agreements, if any, previously made between the parties hereto are merged in this Agreement, which plone fully and completely expresses their understanding with respect to the subject of this Agreement. This Agreement may not be changed or terminated orally, but only by an instrument in writing executed by all of the parties hereto.