A performance guaranty, the term of which shall not
exceed two years, in favor of the Borough in an amount not to exceed
120%, 10% of which shall be in cash, of the cost of installation for
improvements, if deemed necessary or appropriate, including: streets,
grading, pavement, gutters, curbs, sidewalks, streetlighting, shade
trees, surveyor monuments, water mains, culverts, storm sewers, sanitary
sewers or other means of sewage disposal, drainage structures, erosion
control and sedimentation control devices and public improvements
of open space. The cost of installation of such improvements shall
be determined by the Borough Engineer based upon documented construction
costs for public improvements prevailing in the general area of the
Borough of Alpha. The developer may appeal the Borough Engineer's
estimate to the Borough Council, which shall decide such appeal within
45 days of receipt of such appeal, in writing, by the Borough Clerk.
The Borough Engineer shall prepare an itemized cost estimate of the
improvements covered by the performance guaranty, which itemized cost
estimate shall be appended to each performance guaranty posted by
the obligor.