Amending the city general improvement and assessment law dealing with the creation of improvement districts; requiring mailed notice by first class mail to all property owners proposed to be included in an improvement district; eliminating the ability of resident property owners of more than one-half the area proposed to be included in an improvement district to petition to form a district; and requiring disclosure in real estate contracts that the property is subject to special assessments and making such contracts voidable by the buyer if such notice is not included in the contract.