Performance bond, letter of credit or other equivalent security. Upon approval of a final site plan by the Planning Board and/or Town Board and prior to the issuance of a building permit, the applicant shall post a performance bond, letter of credit or other equivalent security in a form approved by the Town Attorney and adopted by resolution of the Town Board, in an amount equal to 100% of the cost of all public improvements as estimated by the Planning Department. The Town Board may, at its discretion, reduce or waive a performance bond, letter of credit or other equivalent security upon a showing of significant hardship. No certificate of occupancy shall be issued until all site improvements have been inspected and approved by the Planning Department and said performance bond, letter of credit or other equivalent security has been released by resolution of the Town Board. In the event that the applicant fails to comply with the provisions of this article, the performance bond, letter of credit or other equivalent security shall be forfeited to the Town, and the Town of Riverhead shall complete the site plan improvements. Where the cost of the public improvements exceeds the forfeited security, the additional cost, including but not limited to any legal fees incurred, shall be and constitute a lien upon the land upon which the public improvements are to be made and shall be included in the levy against such property and shall be collected and enforced in the same manner, by the same proceedings, at the same time and under the same penalties as are provided by law for the collection and enforcement of real property taxes in the Town of Riverhead.