Prior to the time that any owner or subdivider, his agents, servants, employees or contractor shall install any of the required improvements, the owner or subdivider, his agents, servants, employees, or contractor shall be approved and accepted by the Borough Council and provide the Borough Council with a prequalification statement in respect to experience and financial ability to perform the scope of the work to be performed or contracted for with the owner or subdivider. The Borough Council reserves the right to refuse to allow the improvements to be installed by any owner or subdivider, his agents, servants, employees or contractor, where in the opinion of the Borough Council such owner or subdivider, his agents, servants or employees or contractor do not have sufficient experience or financial ability to perform the work. The Borough Council in such an event, shall, within 15 days of receipt of the prequalification form, state in writing its reasons for such refusal.