(a) Preliminary Resolution. Prior to making any such special assessments, the Village Board shall declare by preliminary resolution its intention to exercise such powers for a stated municipal purpose. Such resolution shall describe generally the contemplated purpose, the limits of the proposed assessment district, the number of installments in which the special assessments may be paid or that the number of installments will be determined at the hearing required under Section 3-2-5 of this Chapter and direct the proper municipal officer or employee to make a report thereon. Such resolution may limit the proportion of the cost to be assessed.
(b) Special Assessment Report. The report required by Subsection (a) shall consist of:
(1) Preliminary or final plans and specifications.
(2) An estimate of the entire cost of the proposed work or improvement.
(3) An estimate, as to each parcel of property affected, of:
a. The assessment of benefits to be levied.
b. The damages to be awarded for property taken or damaged.
c. The net amount of such benefits over damages or the net amount of such damages over benefits.
(4) A statement that the property against which the assessments are proposed is benefitted, where the work or improvements constitute an exercise of the police power. In such case the estimates required under Subsection (3) shall be replaced by a schedule of the proposed assessments.
(5) A copy of the report when completed shall be filed with the Village Administrator- Clerk-Treasurer for public inspection.
(c) Final Cost Statement. When the Village Board determines by resolution that the hearing on the assessments be held subsequent to the completion of the work or improvement or the rending of the service, the report required by Sec. 66.0703, Wis. Stats. and Subsections (a) and (b) above, shall contain a statement of the final cost of the work, service or improvement in lieu of an estimate of the cost.