The Council shall have authority, by resolution, to determine that the entire cost or any part of the cost of a public improvement is to be paid by special assessments on property especially benefited. The resolution shall state the estimated cost of the improvement, what proportion of the improvement’s cost is to be paid by special assessment, and what part, if any, is to be paid by the City, and the number of installments in which assessments may be paid. The Council shall also designate the district or the land and properties on which the special assessments are to be levied.