After the public hearing held pursuant to § 4.12.050, if the Council desires to proceed with advance financed public improvement, it shall pass an advance financing resolution accordingly. The resolution shall designate the proposed improvement as an advance financed public improvement and provide for advance financed reimbursement by benefiting property owners pursuant to this chapter. When the developer is a private developer, the advance financing resolution shall instruct the City Administrator to enter into an agreement between the developer and the city pertaining to the advance financed public improvement, and may in the agreement require a guarantee or guarantees as the city deems best to protect the public, benefiting property owners, and may make other provisions as the Council determines necessary and proper.