Offsite and off-tract improvements. Before final approval of a subdivision or site plan the approving authority may require, in accordance with the standards of this chapter and adopted Circulation Plan and Utility Plan, the installation, or the furnishing of a performance guarantee in lieu thereof, of any or all of the following offsite and off-tract improvements which are necessary or appropriate for the protection of the public interest by reason of the development's effect on land other than the developer's property: street improvements, water system, sewerage, drainage facilities and easements therefor:
Where such improvements are required, the approving authority shall refer the requirements to the Borough Council for concurrence and for approval of a performance guarantee, if any. If the Borough Council does not take action on the improvements and the applicable performance guarantees within the time the approving authority must act, the approving authority may grant conditional approval of the plan.
The Borough Council shall determine as to each required improvement whether they are to be paid for: (a) entirely by the Municipality; (b) entirely by the developer; or (c) cooperatively by the developer and the Municipality in accordance with fair and reasonable standards to determine the proportionate or pro-rata amount of the cost of such facilities that shall be borne by each developer or owner within a related or common area.
The financing and construction of the improvements shall be arranged in one of the following manners:
If constructed by the Municipality and all or a portion of the improvements are the financial responsibility of the developer, the developer's share shall be paid to the Municipality in cash prior to final approval of the plan.
If constructed by the developer and all or a portion of the improvements are the financial responsibility of the Municipality, the developer shall be paid the Municipal share in accordance with the terms of the construction contract and the completion of the work shall be guaranteed in an amount and under the terms set forth in Section
17-18 entitled "Guarantees and Inspections."