A construction contract may be awarded for the improvement if the lowest acceptable bid does not cause the estimated assessable cost to increase by more than 10 percent. In the event the lowest acceptable bid would cause assessable project costs to exceed the last estimate of assessable project costs by 10 percent or more, notification of the increase over the last estimated assessable costs must be provided to the assessment district property owners. The “last estimate of assessable project costs” is the estimate of assessable project costs last placed before the council or approved by the council, prior to adoption of the district formation and improvement approval resolution under WMC 5.20.060(B)(3). The notice must contain a statement of the revised estimated assessment amount for the parcels that are the subject of the notice and a notice of the date by which the city must receive written objections. After notification, a contract may be awarded unless the city receives written objections within 15 days of the mailing of the notice from the owners who would bear more than 50 percent of the revised estimated assessable costs of the improvement. If objections in writing are filed by owners of property which will bear 50 percent or more of the assessable costs of the improvement, the project shall be discontinued unless the estimated assessable costs are reduced to 110 percent or less of the last estimate of assessable costs. (Prior code § 2.60.080)