What the Council Can Do with Improvement District Proposals

A. The council may accept or reject recommendations submitted by and petitions filed with the mayor, except that no petition by the owners of 100 percent of the assessable property within the area designated by them as a proposed improvement district shall be accepted by the council unless: 1. The assessed valuation for taxation purposes of the land proposed to be assessed is at least twice the estimated cost of the proposed improvement; or 2. The council by resolution finds and determines that the fair market value of such land after the proposed improvements are completed, in accordance with prevailing standards of appraisal then used by banks for loans thereon, will be at least twice the estimated cost of the proposed improvement and that such acceptance is in the public interest. B. If the council on its own motion commences proceedings pursuant to this article or if the council accepts a recommendation made by or a petition filed with the mayor, the council shall by resolution set forth a general description of the character and extent of the proposed improvement and a description of the boundaries of the proposed improvement district, which may be by reference to such recommendation of the mayor or petition of owners in the event the proceedings are initiated thereby, and refer the matter to the mayor for investigation and preparation of a preliminary report concerning the proposed special improvement pursuant to section 14.42.010 . (Ord. 826 § 1(b), 1975: Ord. 801 § 1 (part), 1974: prior code § 25-2.3)