(A) Petitions generally. Upon receipt of a petition for street improvements, the Town Clerk shall examine the petition and certify as to its sufficiency to the Board of Commissioners. No petition shall be considered for street improvements where streets have been opened after February 9, 1965. In addition, no petition shall be considered for a street less than one normal block in length.
(B) Determination of costs. If the petition from the property owners is found to be sufficient, the Board of Commissioners 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 to the town for intersections and other improvements the cost of which is to be borne by the town.
(C) Consideration by Board. When cost estimates are received, the Board of Commissioners 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 it deems best.
(D) Notices to abutting owners after approval. When a street improvement project is approved, the property owners abutting such improvement shall be notified of the total estimated cost per foot of frontage and further notified 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) Assessments. When the required amount has been deposited with the town, the street improvement assessment procedure as authorized by state law 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 shall be credited for such payments on the assessment rolls. In accordance with the requirements of state law, property owners not paying assessments in cash in advance shall pay their assessments in five equal annual installments which shall bear interest at the rate of 6% per annum.
(F) Adjustments based on actual cost. If the actual cost of improvements is less than the estimated cost, the excess shall be refunded to the property owners. If the actual cost exceeds the estimated cost, the property owners shall be assessed for this amount or may pay such amount in cash in the manner provided by law.
(`88 Code, § 18-86)