Prior to the issuance of any site plan approval for a planned development, the Planning Board shall require a developer to enter into a developer's agreement, between the developer, the municipal agency, and the City of Englewood, which shall be binding on the developer and all successors in title and which shall detail the development, location, and time of site improvements and the responsibilities for and method of maintaining, repairing, and replacing the same, and any required performance guarantees, together with such other items required in connection with site plan approval, which developer's agreement shall be subject to the approval by the governing body.