Site improvement guarantee. A guarantee in favor of the City 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 City 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, streetlighting, street trees,
surveyor's monuments, as shown on the final map and required by the
Map Filing Law, N.J.S.A. 46:23-9.9 et seq. or N.J.S.A. 46:26B-1 through 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 City Engineer shall prepare an itemized cost estimate of the improvements
covered by the performance guarantee, which itemized cost estimate
shall be appended to each performance guarantee posted by the developer.
In the event that other governmental agencies or public utilities
automatically will own the utilities to be installed or the improvements
are covered by a performance guarantee to another governmental agency,
no performance guarantee shall be required by the City for such utilities
or improvements.