If all the required improvements have not been completed by the end of the two-year period (or three-year period, in the case of an extension), the village staff, with the assistance of the Village Attorney, shall:
(A) Order the Village Treasurer to retain all assurance funds needed to complete the required improvements and to return the balance (if any) of such funds to the subdivider/developer; or
(B) Require the subdivider/developer to submit a new assurance in an amount sufficient to cover any increase in the cost of constructing the required improvements.