UPDATE: Top image now has center background in white.
Lots of changes: Outer type added, in muted gold, using a font similar to your original. Axes added, red/gold outlining and blue colors reversed on maltese, gold outline added to hydrant. Center color changed to dark blue for continuity, "Est" type changed to red. Overall, the maltese has been scaled down slightly to leave room for outer type. Remo crown moved to maltese.
The earlier mockup is posted below.