The applicant shall be required to deposit with the village a cash escrow or irrevocable letter of credit to cover all the costs of improvements and landscaping required for compliance with the site development plan. Such security shall not be reduced to less than ten percent (10%) of its original amount, or three thousand dollars ($3,000.00), whichever is greater, until after the completion of the entire work to the satisfaction of the village engineer and until the receipt of a certificate from a registered professional engineer attesting to the compliance of the entire work to the requirements of the site development plan. With respect to new construction where the applicant is required to submit a security deposit in connection with the building permit, the applicant shall not be required to deposit a separate security deposit under this section. (Ord. 471-90, 11-12-1990; amd. Ord. 894-00, 3-13-2000)