Upon the receipt of an application by a landowner or his or her designated agent, or on its own motion, the city council may initiate proceedings for the termination of an area of benefit by adopting a resolution stating its intention. The resolution of intention shall state the time and place at which the city council will hold a hearing to consider such termination. If, at the conclusion of such hearing, the city council finds and determines that the public facilities project for which the area was originally formed will not be required in the reasonably foreseeable future, or that the installation of said public facilities project may be financed more effectively by another method, the city council may adopt a resolution declaring the area of benefit terminated. (Prior code § 39.01.016)