(1) The Council may consider creation of an Economic Improvement District whenever owners of Subject Properties file with the City Manager a petition for the establishment of a District or the Mayor files a report recommending the establishment of a District. A petition or report shall contain a Preliminary Economic Improvement Plan.

(2) The Council may adopt a resolution directing the City Manager to begin the Economic Improvement District formation process if the Council finds that the economic improvements would afford a special and peculiar benefit to subject properties within the Economic Improvement District different in kind or degree from that afforded to the general public.