The
furnishing of a performance guarantee in favor of the Borough of Woodstown
in an amount equal to 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 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, 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 performance guarantee may also be required to include, at the
discretion of the Borough or Planning Board, a guarantee for the installation
of privately owned perimeter buffer landscaping. At the developer's
option, a separate performance guarantee may be posted for the privately
owned perimeter buffer landscaping. The Borough Engineer shall prepare
an itemized cost estimate of the improvements covered by the performance
guarantee for review and approval by the municipal engineer, which
improvements shall be appended to each performance guarantee posted
by the obligor.