project. A project is considered funded it if is included in the North Carolina State Transportation Improvement Program (STIP). The process for consideration of a payment-in-lieu shall follow the STIP provisions and Town Board approval, as outlined in Article Q Procedures & Administration, §9-1808, z. Site Plan, (7), G. of the Land Development Ordinance. B. Cost Estimate . The property owner/developer shall submit an estimated cost for all engineering designs, regulatory permitting, regulatory mitigation cost, utility relocations, administration/mobilization, testing and inspections of construction work, and the construction improvements based on approved plans prepared by a registered engineer. The cost estimate shall be reviewed and approved by the Director of Engineering to determine if the estimated cost sufficiently covers all required conditions and improvements prior to submitting a request for a payment-in-lieu to the Town Manager for review, and before submittal to the Town Board of Commissioners. The final actual cost estimate of any payment-in- lieu shall be the registered engineer’s total estimated cost approved by the Director of Engineering times 1.25 of the actual and total cost of such improvements at the time a request is made to the Town Board of Commissioners for a payment-in-lieu. The Town Board of Commissioners shall review and determine if the payment-in-lieu is acceptable based on adopted the Town Code and the Land Development Ordinance. The amount approved by the Town Board for a payment-in-lieu shall be the total and complete payment of all cost for engineering designs, regulatory permitting, regulatory mitigation cost, utility relocations, administration/mobilization, testing and inspection of construction work, and construction improvements based on approved plans, that will preclude further assessments to the property owner/developer in the event the Town of Fuquay-Varina elects to install such improvements at a point in the future. C. Submission of Payment-in-Lieu . Such payment-in-lieu shall be obligated and executed, by the property owner/developer, by presenting such approved amount to the Town of Fuquay-Varina by certified or cashier's check prior to any issuance of final development or plat approvals pursuant to an approved subdivision plat or site plan. D. NCDOT Requirements . The property owner/developer submitting a payment-in-lieu to the Town of Fuquay-Varina shall not be relieved from requirements imposed by the North Carolina Department of Transportation (NCDOT) to obtain a driveway permit or encroachment agreement for any type of development and or improvements. (2) Incomplete Improvements . The property owner/developer who has received approved construction drawings for a preliminary major subdivision plat or site plan may submit in writing a request that the Town of Fuquay-Varina consider accepting an irrevocable letter
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