The furnishing of a performance guaranty in favor of the Township
of Bridgewater in an amount equal to 120% of the cost 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 developer
and approved 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, water mains, sanitary sewers, community septic systems,
drainage structures, public improvements of open space, and any grading
necessitated by the preceding improvements. The performance guaranty
may also be required to include, at the discretion of the Township,
Planning Board or Zoning Board of Adjustment, a guaranty for the installation
of privately owned perimeter buffer landscaping. At the developer's
option, a separate performance guaranty may be posted for the privately
owned perimeter buffer landscaping. The developer shall prepare an
itemized cost estimate of the improvements covered by the performance
guaranty for review and approval by the Municipal Engineer, which
improvements shall be appended to each performance guaranty posted
by the obligor.