(A) Property owners and developers may contract for the construction of proposed public street improvements with a private contractor and the cost of such construction shall be paid for by the property owners or developers.
(B) Street improvements as described above shall be constructed in accordance with specifications approved by the Office of the City Engineer and designed by a licensed Registered Professional Engineer of the State after approval of the City Council for said street extension to be included into the street system of the city for public use and maintenance.