(1) The city council hereby finds and determines that the capital cost of the city’s current and future water system, including pumps, wells, distribution lines, reservoirs and rights-of-way, is $32,998,575. The capital cost of such system has been borne by the city and its water system users. Such water system will be utilized by newly connecting properties, and the capital cost, as applied to buildings presently served, is $6,912 per each three-quarter-inch water meter.

(2) Prior to January 1, 2019, and for all projects for which a complete application has been submitted or a letter of completeness has been issued for any development permit prior to January 1, 2019, the plant investment charge shall be $5,280 for each equivalent connection.

(3) Beginning January 1, 2019, and thereafter, in addition to other fees imposed by ordinance or pursuant to agreements, there is hereby imposed upon the owners of property seeking to provide water service to their property by connecting to the city’s water system a plant investment charge, determined by multiplying the total number of equivalent water connections proposed by $6,912. Equivalent connections and plant investment charges for all buildings shall be as follows: