The amount of the performance guarantee shall not exceed 120% of the cost of installation of only those improvements set forth herein as required by an approval, developer's agreement, ordinance, or regulation to be dedicated to a public entity and have not been installed. The cost of installation shall be determined and/or approved by the Borough Engineer according to the method of calculation set forth in N.J.S.A. 40:55D-53.4 in an itemized cost estimate, which shall be appended to each performance guarantee posted by the obligor. The following improvements as shown on the approved plans or plat shall be included in the calculation of cost of installation for the purposes of a performance guarantee: streets, pavement, gutters, curbs, sidewalks, streetlighting, street 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as shown on the final map and required by the "Map Filing Law," P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et seq.; repealed by section 2 of P.L. 2011, c. 217) or N.J.S.A. 46:26B-1 through 46:26B-8, water mains, sanitary sewers, community septic systems, drainage structures, public improvements of open space, and any grading necessitated by the preceding improvements.