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and reasonably apportions the Project Cost among the parcels of property within the Assessed Area, based upon objectively determinable Assessment Units. SECTION 3.02. INITIAL LOCAL IMPROVEMENT ASSESSMENT RESOLUTION. The initial proceeding for defining an Assessed Area and imposition of a Local Improvement Assessment shall be the City Commission's adoption of an Initial Local Improvement Assessment Resolution. The Initiai Local Improvement Assessment Resolution shall (A) describe the property to be located within the proposed Assessed Area; (B) describe the Local Improvement proposed for funding from proceeds of the Local Improvement Assessments; (C) estimate the Capital Cost and Project Cost; (0) describe with particularity the proposed method of apportioning the Capital Cost and Project Cost among the parcels of property located within the proposed Assessed Area, such that the owner of any parcel of property can objectively determine the number of Assessment Units and the amount of the Assessment; (E) describe the provisions, if any, for acceleration and prepayment of the Assessment; (F) describe the provisions, if any, for reallocating the Assessment upon future subdivision; and (G) include specific legislative findings that recognize the fairness provided by the apportionment methodology. SECTION 3.03. LOCAL IMPROVEMENT ASSESSMENT ROLL. (A) The City Clerk shall prepare a preliminary Local Improvement Assessment Roll that contains the following information: (1) a summary description of each parcel of property (conforming to the description contained on the Tax Roll) subject to the Local Improvement Assessment; (2) the name of the owner of record of each parcel, as shown on the Tax Roll; (3) the number of Assessment Units attributable to each parcel; (4) the estimated maximum annual Local Improvement Assessment to become due in any Fiscal Year for each Assessment Unit; and (5) the estimated maximum annual Local Improvement Assessment to become due in any Fiscal Year for each parcel. (B) Copies of the Initial Local Improvement Assessment Resolution and the preliminary Local Improvement Assessment Roll shall be on file in the office of the City Clerk and open to public inspection. The foregoing shall not be construed to require that the Local Improvement Assessment Roll be in printed form if the amount of the Local Improvement Assessment for each parcel of property can be determined by use of a computer terminal available to the public. Ordinance No. 04-1137 Page 7 of 23