The furnishing of a performance guaranty in favor of the township in an amount not to exceed 120% of the cost of installation which cost shall be determined by the Municipal Engineer according to the method of calculation set forth in N.J.S.A. 40:54D-53.4 for improvements it may deem necessary or appropriate, including streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments, as shown on the final map and required by the Map Filing Law, P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements or open space and, in the case of site plans only, other on-site improvements and landscaping. The performance guarantee shall run for a period of two years from the date of receipt by the Township or one year from the date of issuance of the first construction permit in the development or phase thereof, whichever occurs first. The Township 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 obligor.