The duration of the bond or other assurance shall be for one year from the date of approval of the development by the City Council. An extension of time may be granted by the City Council upon application by the developer; provided, that such application is submitted at least sixty days prior to the expiration of the bond or other assurance; and provided, that the issuer of the bond is willing to extend the time of the assurance. (Prior code § 24-3(B)(3)(a)(2))