Before signing and recording of final subdivision plats, or as a condition of final site plan approval or as a condition to the issuance of a zoning permit pursuant to N.J.S.A. 40:55D-65d, the applicant shall have installed under the inspection of the Borough Engineer, all improvements required unless the applicant has posted and the Borough Council has accepted a performance guarantee providing for such installation and maintenance.
A.
The performance guarantee shall be in favor of the Borough in an amount not to exceed 120% of the cost of installation, which cost shall be determined by the Borough Engineer according to the method of calculation set forth in N.J.S.A. 40:55D-53.4, for which the approving authority may deem necessary or appropriate, including streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyors monuments, as shown on the final map and required by the Map Filing Law, (N.J.S.A. 46:23-9.9 et seq.), 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.
B.
The Borough 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.