All required land improvements shall be installed and completed within a period of two years after the recording of the final plat. Failure of the subdivider to complete all of the improvements within this two-year period shall result in forfeiture of the guarantee collateral unless an extension of time is requested by the subdivider and granted by the City Council. In the event of failure to complete the improvements in the required period, as stated above, the City Council may direct that no further building permits be issued for property in such subdivision pending satisfaction of the City Council in regard to the status of the required land improvements.
(1975 Code, § 34.32)