The furnishing of a performance guarantee in favor
of the municipality in an amount not to exceed 120% of the cost of
installation, which cost shall be determined by the Municipal Engineer
according to the method of calculation set forth in N.J.S.A. 40:55D-53.4
for improvements which the approving authority may deem necessary
to appropriate, including: street, grading, pavement, gutters, curbs,
sidewalks, streetlighting, shade trees, surveyor's monuments, as shown
on the final map and required by the Map Filing Law, water mains,
culverts, storm sewers, sanitary sewers or other means of sewage disposal,
drainage structures, erosion control and sedimentation control devices,
public improvements of open space and, in the case of site plans only,
other on-site improvements and landscaping. The Municipal Engineer
shall prepare an itemized cost estimate of the improvements covered
by the performance guarantee, which itemized cost estimate shall be
appended to each performance guarantee posted by the obligor.