Restrictions on cost. A municipal governing body may make or cause to be made municipal parking facilities or improvements thereon which confer a special benefit upon property within a definable area of the municipality and may levy and collect special assessments upon property in the area deemed by the governing body to be benefited by the improvement. The improvement district shall be established by the adoption of a resolution of the governing body. In the resolution, the governing body shall: 1. Fix the percentage of cost of acquiring and improving lands for parking stations which is to be assessed against the improvement district; and 2. Direct and order a public hearing on the advisability of the improvement, as provided in Section 32-107 of this title. The municipality may pay such portion of the cost of the improvement as the governing body may determine, but not more than fifty percent (50%) of the total cost thereof.
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