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Florida Total Pavement, Inc. 

Mill and Overlay

As an asphalt pavement reaches the end of its
design life, it should be overlaid to extend the service life. 
Overlays involve placing a thin (1-2” in thickness) layer of
asphalt over the existing asphalt surface. Making the call
to overlay is a very important decision that involves a lot of factors.  These factors include maintenance history and repair spend to date, physical condition of the lot, intended use over the next 8-15 years, and of course, budget.

In many cases, making the decision to overlay ahead of spending money on spot repairs over time will both save you money and provide a finished product far superior to a sporadically patched old pavement surface. 
Sometimes it is beneficial to mill (remove) the equivalent thickness of the pavement due to surface inconsistencies or drainage and elevation limitations prior to overlaying.  This is an important decision as it increases the cost of the project as well as decreasing the strength of the finished product.  Milling should be recommended only in certain cases by professionals who can justify the additional spend.

Asphalt overlays are a great way to press reset on your assets service life without the extended cost of rebuilding from scratch, which should only be done in the most drastic of cases.  Once overlaid, your pavement is not only nearly is strong as the day it was first placed, they allow you to make striping and parking layout changes to increase the parking or improve traffic patterns on the parking lot.