Whenever the City Assessor shall determine that a petition containing the required number of valid signatures has been received, or whenever Council shall, by resolution, so direct, the City Manager and City Assessor shall make an investigation of the proposed public improvement and report their findings to Council. The report shall include an analysis of the following:
(a) Tax delinquency in the proposed special assessment district;
(b) Present land use and potential use;
(c) Present assessed value of the land;
(d) The estimated cost of the proposed project; and
(e) The need for the improvement and the necessity, feasibility and desirability of the proposed improvement.