When I think of a 8-bit version of a town, I think of the early Pokémon soundtracks. Nice and relaxing basslines and pad'ish chords to back it up. ...I should stop stereotyping like that. :P
This bassline was the first thing that came into my mind when I listened to this.
It gives a great relaxed and joyful feeling, and what I can explain as "a sense of safety from the beyond".
I enjoy this track, and the everything seems mastered really nicely, and I can keep listening to this for a while without being annoyed, that has a factor as well, and you executed that out good here. :)
The only thing I noticed in this was that it doesn't loop totally perfectly. And since I know that Newgrounds loops loops perfectly, I know it has something to do with the project and how it was rendered. If anything fails, add an automation with no purpose at the end to fool the program to think that something will happen. ;P