(1) The city council hereby finds and determines that the capital costs of water system improvements in the Cedarhome area are $2,732,000. Said water system improvements will be utilized by newly connecting properties in the Cedarhome benefit area and the capital cost for each three-quarter-inch water meter shall be $2,570.

(2) The Cedarhome benefit area is hereby defined as that area shown in Exhibit A-1, titled Cedarhome Benefit Area, and Exhibit A-2, titled Cedarhome Benefit Area Tax Account Numbers, attached to the ordinance codified in this section and incorporated by this reference.

(3) In addition to other fees imposed by ordinance or pursuant to agreements, there is hereby imposed upon the properties in the Cedarhome benefit area seeking to obtain water service by connecting to the city’s water system a plant investment charge, determined by multiplying the total number of equivalent connections proposed by $2,570.