Performance guarantees. The Planning Board may approve site plans, subject to the condition that the applicant complete the public improvements shown thereon. "Public improvements," as that term is used in this section, shall mean those improvements which are required to be included in the site plan by the Planning Board to protect the health, safety, and general welfare of the public and include but are not limited to streets, highways, street and highway markers and monuments, sidewalks, streetlighting standards, curbs, gutters, trees, water mains, fire alarm signal devices, sanitary sewers, storm drains, and structures and devices necessary to prevent fire, flood, drainage or other menace to neighboring properties or the general public. A performance bond or other security sufficient to cover the full cost of the same as estimated by the Planning Board shall be provided to the Town by the applicant. The form of the security shall be that which is provided in § 277, Subdivision 9(c), of the New York State Town Law. No certificate of occupancy shall be issued until all improvements shown on the site plan are installed or a sufficient guarantee has been posted for the improvements not yet completed. The performance guarantee shall be posed in accordance with the procedures specified in § 274-a of the Town Law. The Planning Board shall specify the time frame for completion of improvements. In the event that any required improvements have not been installed as required above, the Town may declare the applicant in default and collect the sum payable thereunder. Upon receipt of the proceeds of the performance guarantee, the Town shall install or cause to be installed the required improvements.