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(f) (g) required, no building permit shall be issued until such plans are approved by the Director of Public Works. No final release of utilities shall be issued until the requirements of this Ordinance as set forth herein have been complied with. On properties served by existing utilities, an applicant for a building permit shall be required to post a faithful perfor- mance bond or a cash deposit in lawful money of the United States of America in an amount sufficient to cover the entire cost of all street improvements as required herein. Said performance bond or cash deposit shall be refunded in full upon satisfactory completion of all required street improvements. The requirements as set forth in paragraphs (b), (c), (d), and (e) of this Ordinance may be suspended by the Director of Public Works upon the finding that the street or streets, upon which the required improvements are to be installed, vary sufficiently from the future grade that it would not be feasible to construct such installation. The Director of Public Works shall re- quire the owner, lessee or agent to enter into an agreement providing for the installation of the improve- ments at such future date as the Director shall set, which date may be changed at the discretion of the Director, provided however he shall notify in writing the said owner, lessee or agent of said change at least sixty days prior to any performance required thereunder. The agreement shall be in writing in a recordable form, shall be recorded and shall create a burden on the land. Any such agreement shall be secured by a faithful per- formance bond or a cash deposit in lawful money of the United States of America in the sum of the estimated cost of the required improvements. In the event that there is failure of performance after proper notice is given, the Director of Public Works may cause said work to be done and the cost thereof to be added to the real property tax bill of said real property for the next fiscal year. After the presentation of all material facts by the applicant for a building permit and/or the staff of the City of Santa Ana, the City Council may, by resolution designate areas in which the requirements contained in paragraphs (b), (c), (d) and (e) are inapplicable upon a finding that, due to the nature of the development or construction in the area, such installation would not be feasible or consistent therewith. In making its deter- mination, the City Council shall consider the following: (1) Whether or not a petition has been filed with the City Council or whether proceedings have already been initiated for the formation of a special assess- ment district for street improvements where said assessment district would encompass the subject pro- perty of said applicant for a building permit.