(A)   Upon the receipt of a petition for street improvements, the City Manager shall examine the petition and certify as to its sufficiency to the City Council.
   (B)   If the petition from the property owners is found to be sufficient, the City Council shall direct the City Manager to estimate the total cost of the street project in accordance with street specifications, to determine the cost per foot of property frontage and the total cost to the city for intersections, other improvements and the city's 25% of the front foot benefit.
   (C)   When cost estimates are received, the City Council shall consider the availability of funds for street improvements, the degree of development along the street proposed to be improved and any other factor deemed relevant to the health, safety and welfare of the citizenry, and may approve the street improvement project as they deem best.
   (D)   When a street improvement project is approved, the property owners abutting the improvement shall be notified of the total estimated cost per foot of frontage and further notified that each property owner has the opportunity to pay his or her 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 20% of the total estimated cost of the entire project is deposited with the city.
   (E)   When the required amount has been deposited with the city, the street improvement assessment procedure, as authorized in G.S. §§ 160A-223 through 160A-236, shall be followed and assessments shall be made against the properties abutting upon the 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 the General Statutes, property owners not paying assessments in cash in advance shall pay their assessments in five equal annual installments, which shall bear interest at a rate which shall be set from time to time by the City Council.
   (F)   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 will be assessed for this amount, or may pay such amount in cash in the manner provided by law.
(`90 Code, § 18-50)