The furnishing of a performance guarantee in favor of the Borough in an amount not to exceed one hundred twenty (120%) percent of the cost of installation, for improvements it may deem necessary or appropriate including: streets, grading, pavement, gutters, curbs, sidewalks, street lighting, shade trees, surveyor's monuments as shown on the final map and required by the "Map Filing Law", 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, or public improvements of open space; provided that no more than ten (10%) percent of the total performance guarantee shall be required to be in cash, and the balance shall be in the form of a bond from a bonding company, approved by the Borough Council, or an irrevocable letter of credit, provided the letter of credit meets the requirements of N.J.S.A. 40:55D-53.5.
The Borough Engineer shall review the improvements required by the Planning Board which are to be bonded and shall itemize their cost. The Borough Engineer's itemization shall be the basis for determining the amount of performance guarantee and maintenance guarantee required by the Planning Board. The Borough Engineer shall forward his estimate of the cost of improvements to the applicant within thirty (30) days of the date of receipt of an applicant's request for the estimate. The applicant may appeal the Borough Engineer's estimate to the Borough Council, which shall decide the appeal within forty-five (45) days of the Borough Clerk's receipt of the appeal in writing. The applicant's right to further appeal shall be governed by N.J.S.A. 40:55D-53.4.