(A) The participation by the town in the cost of development and improvement of new streets and roads in new residential areas and new commercial areas or new subdivisions within the corporate limits of the town shall extend to and may apply only to the installation of concrete or asphalt streets in said areas for the construction of said streets. The participation in the cost of said streets by the town shall not be deemed mandatory in any instance and participation shall not be undertaken unless and until provisions of this code and all applicable ordinances have been fully complied with.
(B) In computing or calculating the cost of any such street wherein the town shall undertake to participate with adjoining property owners abutting said street, the cost thereof, the cost of grading and excavating and the cost of engineering, not to exceed 10% of the total street cost, which said engineering cost shall be subject to approval by the town, incurred in connection with the development and improving of said street is to be considered as part of the total cost of said street.
(Prior Code, § 90.03)