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ORDINANCE NO. NS-1631 PAGE FOUR (1) The party entering into the agreement with the City shall be required to pay to the City a specified amount represent- ing the present costs of installation of the improvements. (2) The City shall have the right to install the improvements thereafter at such time as the City shall deem appropriate, in which event neither the party entering into the agreement nor any other person shall either be obligated to pay any additional amount for the costs of such improvements or be entitled to any refund of any portion of the amount paid, except as provided in (4) below. (3) In the event that the required improvements are subsequently installed by a person or entity other than the City, the party entering into the agreement, or his heirs, devisees, assigns, or duly authorized agent, or such other persons or entity as may be designated in the agreement, shall be entitled to a refund of the amount paid; provided, however, that no refund shall be made until all required improvements have been installed in accord- ance with City standards and specifications unless otherwise specified in the agreement. (4) In the event that any part of the required improvements are subsequently included within the scope of public improvements to be installed pursuant to special assessment district financing, or similar limited fund financing procedure, the party entering into the agreement, or his heirs, devisees, assigns, or duly authorized agent, or such other person or entity as may be designated in the agreement, shall be entitled to a refund in an amount which bears the same proportion to the amount paid under the agreement as the costs of the required improvements included within the scope of the publicly financed improvements bears to the total costs of the required improvements; provided, however, that the agreement may apportion the costs of the required improvements according to type or location and may provide for the amount of the refund to be credited to any assessment levied against the subject parcel in lieu of refund. (5) In no event shall any person or entity other than the City be entitled to receive any amount representing interest on the amount paid to the City pursuant to the agreement. Upon execution of such agreement and payment of the amount specified therein, a building permit or utility release subject to Section 33-47 may be issued.