The developer shall furnish a performance guarantee in favor
of the Township in an amount not to exceed 120% of the cost of installation
of only those improvements required by an approval or developer's
agreement, ordinance, or regulation to be dedicated to a public entity,
and that have not yet been installed, which cost shall be determined
by the municipal engineer, according to the method of calculation
set forth in § 15 of P.L. 1991, c. 256 (N.J.S.A. 40:55D-53.4),
for the following improvements as shown on the approved plans or plat:
streets, pavement, gutters, curbs, sidewalks, street lighting, street
trees, surveyor's monuments, as shown on the final map and required
by the "Map Filing Law," P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et
seq.; repealed by § 2 of P.L. 2011, c. 217) or N.J.S.A.
46:26B-1 through N.J.S.A. 46:26B-8, water mains, sanitary sewers,
community septic systems, drainage structures, public improvements
of open space, and any grading necessitated by the preceding improvements.
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.