The initial term of the District shall be ten years from the date of formation. The applicant or its successor in interest may apply for up to two addition five-year extensions of the District by filing a written request for an extension with the City Public Works Director prior to the expiration of the preceding term. The City Council may establish by resolution a processing fee sufficient to cover its actual costs of processing the request for an extension. The City Council shall grant such extensions if development of un- or underdeveloped property within the District would continue to benefit from the improvement for which the District was formed.