(A) Upon the receipt of a petition for street improvements, the Town Clerk shall examine the petition and certify as to its sufficiency to the Town Council. No petition shall be considered for street improvements where streets have been opened after the effective date of this resolution in violation of § 93.21. In addition no petition shall be considered for a street less than one normal block in length.
(B) If the petition from the property owners is found to be sufficient, the Town Council shall direct the Town Engineer to estimate the total cost of the street project in accordance with street specifications, to determine the total cost per foot of property frontage and the total cost of the town for intersections and other improvements the cost of which is to be borne by the town.
(C) When cost estimates are received, the Town Council shall consider the availability of funds for street improvements, the degree of development along the street proposed to be improved and may approve such street improvement project as they deem best.
(D) When a street improvement project is approved, the property owners abutting such improvement shall be notified of the total estimated cost per foot of that each owner has the opportunity to pay his proportionate share in cash in advance. In addition, the property owners shall be further notified that the project will not be scheduled or construction work started until 80% of the total estimated cost of the entire project is deposited with the town.
(E) When the required amount has been deposited, with the town, the street improvement assessment procedure as authorized in G.S. §§ 160-78 through 160-105 shall be followed and assessments shall be made against the properties abutting upon such improvement according to an equal rate per front foot. Property owners who have made a cash deposit in advance as required herein shall be credited for such payments on the assessment rolls. In accordance with the requirement of the General Statutes, property owners not paying assessments in cash in advance shall pay their assessments in five equal annual installments which shall bear the prevailing interest rate per annum.
(F) In event the actual cost of improvements is less than the estimated cost, such excess shall be refunded to the property owners. In event the actual cost exceeds the estimated cost the property owners will be assessed for this amount or may pay such amount in cash in the manner provided by law.
(Res., passed 9-8-75; Am. Res., passed 11-12-89; Am. Res., passed 3-12-90)