(a) In the case where development is projected over a period of years, the Planning Commission may authorize submission of Final Plats by phases or stages of development subject to such requirements or guarantees as to improvements in future phases or stages of development as it finds essential for the protection of any finally approved section of the subdivision. As the work of installing the required improvements proceeds, the Subdivider may request the City to release, from time to time, such portions of the financial security necessary for payment to the contractor or contractors performing the work.
(b) Any such request shall be in accordance with section 1121.07 of this Chapter, and upon approval, the City Engineer shall authorize release by the bonding company or lending institution of an amount estimated by the City Engineer fairly representing the value of the improvements completed.