If the owner of property in an urban renewal area is willing to make the use of his property conform to the urban renewal plan, the Service Director is of the opinion that the acquisition of such owner's property will not be necessary to carry out the urban renewal plan if the owner makes his property conform to the urban renewal plan, then in such case the Service Director, in lieu of acquiring such property may, on behalf of the Village, enter into an agreement with such owner in which the owner agrees to conform his land, the structures thereon and the use thereof to the urban renewal plan within the time set forth in the agreement. The Service Director may require as a condition to entering into such agreement that the owner furnish such security for the performance of his obligations under the agreement as the Service Director believes is necessary in order to protect the interests of the Village. (Ord. 2002-1. Passed 2-11-02.)