Performance guarantee in lieu of installation. No plat shall
be finally approved unless the streets shown on such plan have been
improved to a mud-free or otherwise permanently passable condition,
or improved as may be required by the Subdivision and Land Development
Ordinance and any walkways, curbs, gutters, streets, streetlights,
fire hydrants, shade trees, water mains, sanitary sewers, storm sewers,
stormwater management facilities, required plantings, and other improvements
as may be required by the Subdivision and Land Development Ordinance
have been installed in accordance with this chapter. In lieu of the
completion of any improvement required as a condition for the final
approval of a plat, the subdivider or developer shall deposit with
the Municipality a fiscal security in an amount sufficient to cover
the costs of any improvements or common amenities, including, but
not limited to, roads, stormwater detention and/or retention basins
and other related drainage facilities, open space improvements, or
buffer or screen plantings which may be required.