(a) Deferral. The Planning Commission may defer or waive at the time of final approval, subject to appropriate conditions, the provision of any or all public improvements as, in its judgement, are not requisite in the interests of public health, safety, and general welfare, or which are inappropriate because of the inadequacy or nonexistence of connecting facilities. Any determination to defer or waive the provision of any public improvement must be made by majority vote on the record and the reasons for the deferral or waiver also shall be expressly made on the record.
(b) Waiver. Whenever it is deemed necessary by the Planning Commission to defer the construction of any improvement required under these regulations because of incompatible grades, future planning, inadequate or nonexistent connecting facilities, or for other reasons, the subdivider shall pay his share of the costs of the future improvements to the Village prior to signing of the final subdivision plat by the Chairman of the Planning Commission, or the developer may execute a separate subdivision improvement agreement secured by a letter of credit guaranteeing completion of the deferred improvements upon demand of the Village.