That for the purpose of this Act (Article), unless a different meaning clearly appears in the context, the following definitions of terms shall be used in its interpretation:
(a) Governing body. The "Council-Manager Government" of the City of Cookeville.
(b) Municipality. The City of Cookeville.
(c) Improvement. Acquisition, construction, installation, or substantial reconstruction of public parking facilities to include lots and/or buildings for the parking of motor vehicles.
(d) Costs. Cost of labor, materials, equipment necessary to complete an improvement, land, easements, and other necessary expenses connected with an improvement including preliminary and other surveys, inspections of the work, engineers' fees and costs, attorneys' fees, fiscal agents' fees, preparation of plans and specifications, publication expenses, interest which may become due on bonds before collection of the first improvement assessments, a reasonable allowance for unforseen contingencies, and other costs of financing.
(e) Assessed value basis. The plan for making annual improvement assessments according to the assessed values of benefited properties, as assessed for purposes of municipal property taxation, or as provided by this Act (Article). Such assessed values shall be the measure of benefits to benefited property or property to be benefited.
(f) Improvement assessment. An assessment made each year against benefited property to pay the costs of an improvement, in the proportion that the assessed value of each parcel or lot of benefited property bears to the total assessed value of all benefited property according to the latest assessments of such property for purposes of municipal property taxation or as provided by this Act (Article).
(g) Benefitted property, property to be benefitted. As determined by the governing body, real property which is within a reasonable distance from an improvement and which will be specially benefitted by such improvement. Such property may be divided by the governing body into two or three zones of benefit and the costs apportioned to the designated zones on the basis of proximity to the improvement. [As added by Priv. Acts 1970, ch. 276, § 1]