Improvements not to be installed. Approval of a preliminary plat shall not confer upon the developer the right to undertake any clearing, grading, and/or to install any improvements prior to final plat approval unless it shall be determined by the Planning Board and the City Engineer that said clearing, grading, and/or installation of improvements would not hinder future development or create physical or aesthetic problems in the event that further development of the site plan is not undertaken; and that required inspection fees have been paid, and adequate performance guarantees have been posted, to provide for the cost to the City of performing work that may be necessary to protect adjacent property owners and the public interest in the event that such clearing, grading, and/or installation of improvements is not completed and/or further development of the site is not undertaken. Such performance guarantees shall include, but are not limited to, the cost to the City of providing erosion control facilities, seeding, or otherwise stabilizing the site, drainage facilities necessary to protect off-tract areas from flooding, screening, or fencing that may be required and all improvements to be undertaken which are within existing public rights-of-way or easements.