When all the record owners of real property within an area enter into a written agreement approved by the City Attorney, the Council may, by resolution, establish a local improvement district consisting of such property. Upon the execution of the agreement and adoption of the resolution, the property owners who are parties to the agreement waive all rights to notice, hearing and objection under this chapter except those specifically reserved in the agreement or resolution. The lien of an assessment on property within a district formed under this section has the same force, effect and priority and may be foreclosed in the same manner as the lien of other assessments under this chapter.