Performance bond. To ensure the completion of required improvements, such as but not limited to roads, landscaping, or other improvements required by the Planning Board, the Planning Board may require, as a condition of approval, a performance bond or other security, in such form and from a source acceptable to the Town Board, in an amount sufficient to cover 125% of the estimated cost of completion of the improvements. Such security may be structured to be reduced commensurate with the performance of the improvements so secured upon certification of work completed, verified to be true by the applicant's engineer, with the concurrence of the Town Engineer, and upon the recommendation by the Planning Board and approval by the Town Board.