The amount of the improvement project fee applicable to each lot or tract shall be determined by the town manager and shall be calculated by dividing the estimated cost to the town of installing and constructing the improvements pro rata among the benefitted properties on a per lot, square footage or street frontage basis, or any combination of such methods, which, in the discretion of the town manager and town council, most fairly allocates the cost of the improvements among the benefitted properties. (Ord. 354, Series of 2005)