Any developer utilizing private funds to install street, water or sewer (sanitary and/or storm) improvements and appurtenances costing more than four thousand dollars, said limit to be adjusted annually in accordance with the ENR (Engineering News-Record) Index, on public right-of-way may apply to the city to establish a latecomer agreement for recovery of a pro rata share of the cost of constructing said public improvements from other practices that will later derive a benefit from said improvements. No latecomer agreement shall extend for a period longer than ten years from the date of final acceptance by the city. The city council shall have discretion to authorize or not to authorize latecomer agreements on a case-by-case basis. (Ord. 1115-85 § 1, 1985.)