A.
Where subdivision or land development plans require improvements pursuant to this chapter and/or as shown within approved or conditionally approved final plan documents, it is the responsibility of the developer to either cause all such improvements to be installed and/or to provide an adequate financial guarantee that said improvements will be installed within a schedule incorporated as part of a development agreement as defined later herein.
B.
In addition, the developer shall have paid or guaranteed payment of any and all fees required pursuant to Section 509(i) of the Pennsylvania Municipalities Planning Code (as most recently amended), and the payment or financial guarantee shall include reimbursement of the cost of inspections which are required by this chapter or other laws or regulations.
C.
The amount of the financial guarantee shall be sufficient to cover the cost of all such improvements, if constructed by the Borough pursuant to the prevailing Borough Code, plus an allowance for administrative costs, including inspections. The improvement cost above shall first be furnished by the developer to the Borough Engineer in the form of an estimate with a list of work items, calculated quantities, and estimated unit prices. The Borough Engineer shall review the estimate and recommend to the Council approval or specific modifications. The final improvement cost shall be that approved by or modified by the Borough Council. Escalation to reflect future prices shall be included in the estimate.