When property owners can start an improvement district

area. (a) If a petition is filed and is acknowledged by the owners of one hundred percent of the frontage upon any street, alley, or highway or of the area of land designated by them as a proposed improvement district, then the council may reject or accept the petition. If the petition is accepted, the council shall by resolution requiring not more than one reading for its adoption, direct the responsible director or manager to prepare and submit to council a report meeting the requirements of section 12-10(a) and (b) in the same manner as though the plan for the proposed improvement or improvements had been initiated by the council on its own motion. Upon submission of the report of the responsible director or manager, including the plans and estimates of each cooperating department, if applicable, the council may, by resolution requiring not more than one reading for its adoption, approve and adopt such report, including applicable surveys, plans, maps and other data reported by the responsible director or manager and each cooperating department, and create, define and establish the improvement district in accordance with sections 12-18, 12-19, 12-20 and 12-21. In any such case, any other provision or section to the contrary notwithstanding, it shall be unnecessary to give the notice of or to hold the hearing specified by section 12-10, the provisions of section 12-12 shall be not apply, and it shall be unnecessary to give the notice or to hold the hearing specified by section 12-27 and the council may immediately proceed to fix the assessments in the manner provided by section 12-29 without further hearings or actions of council pursuant to this chapter. (b) No such improvement shall be approved by the council unless: (1) The assessed valuation for taxation purposes of the assessment units to be improved is twice the estimated cost of the proposed improvement; or (2) The council by resolution finds the appraised value of such assessment units in accordance with prevailing standards of appraisal then used by banks for loans thereon is twice the estimated cost of the proposed improvement; and (3) The council finds that such improvement is in the public interest. 16 12-15 SUPP. 8 (7-2020)