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Property located within the city which is presently platted and which property was platted without the extension or provision of city water, city sewer, storm sewer, curb, sidewalk, streets or other improvements through some or all the lots of the plat shall be deemed to be unplatted for purposes of the issuance of any development permit or building permit. Any lot so affected shall be permitted to develop and a building permit will be issued upon the installation of city water, city sewer, storm drains, curbs, sidewalks, streets and other improvements to community standards, including fire protection devices, or upon the posting of security in an amount approved by the city, which is equal to the estimated cost of the extensions and/or improvements remaining to be installed through the lot, in a form acceptable to the city attorney to ensure the construction of the required improvements and extensions at the same time as construction of the building for which the building permit was issued or at the time of the improvement of the affected lot. (Ord. 460 § 1, 2012; Ord. 388 § 1, 2007)