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(a) In accordance with the procedures set forth in title 31, article 25, part 5, C.R.S. (§ 31-25-501 et seq., C.R.S.), the City is hereby authorized to create a special improvement district for the following purposes:

(1) To finance the condemnation, by right of eminent domain, of any property upon which is constructed or installed any improvement specifically mentioned in title 31, article 25, part 5, C.R.S. (§ 31-25-501 et seq., C.R.S.), or section 118-27(a) of this Code.

(2) To finance all costs incurred in any inverse condemnation action that may result from the temporary or permanent taking of any property upon which is constructed or installed any improvement specifically mentioned in title 31, article 25, part 5, C.R.S. (§ 31-25-501 et seq., C.R.S.), or section 118-27(a) of this Code.

(b) The city may assess all costs incurred in any condemnation or inverse condemnation action involving property upon which is constructed or installed any improvement or improvements specifically mentioned in title 31, article 25, part 5, C.R.S. (§ 31-25-501 et seq., C.R.S.), or section 118-27(a) of this Code, including any amounts awarded to the owner or owners of such property, upon the property especially benefitted by such improvement or improvements. (Ord. No. 2002-40, § 3, 7-29-2002)