A contract entered into under section 19-4641 shall include provisions specifying:
(1) The nature of the qualifying project and the costs involved in its completion;
(2) The standards of safety to be applied to the gas system during the construction and following the completion of the project;
(3) Any terms and conditions of natural gas service to customers in the city deemed material to the contract by the city and the utility;
(4) The period of time necessary for the utility to recover the reasonable cost of the project, during which time the city relinquishes its right to condemn the gas system expressed either as a set period of time or as a period of time to expire upon the occurrence of a specified condition; and
(5) Any other provisions agreed by the city and the utility to be material to the contract.