If all required improvements have not been completed by the end of the one (1) year period [or two (2) year period in the case of an extension], the Code Administrator, with the assistance of the Village Attorney may;
(A) Require the surety to perform on the bond, and to pay to the Village an amount equal to the cost of completing the required improvements, as estimated by the Village Engineer, or the amount of the bond not theretofore released, whichever is less; or
(B) Order the Village Treasurer to retain all escrow funds needed to complete the required improvements and to return the balance, if any, of such funds to the Subdivider/Developer; or
(C) Require the Subdivider/Developer to submit a new escrow deposit in an amount sufficient to cover any increase in the cost of constructing the required improvements.