When the Director has determined that there are sufficient portions and sections of sidewalk requiring reconstruction, replacement or repair under the program, he shall obtain cost estimates and shall notify each participating property owner of his proportionate share of such cost and request deposits of such amounts to be made with the Village Treasurer. When such deposits have been made, the Director of Public Works shall proceed to have the reconstruction, replacement or repair work completed. Any excess in the amount of deposits over actual cost of the work shall be collected from each participant in the same prorata manner.