Guarantee Required. No final plat shall be approved until the completion of all improvements has been certified by the appropriate state, county or municipal bodies or officers or until the developer shall have filed with the Borough a performance guarantee sufficient in the amount of 120% of the cost of all such improvements on or before an agreed date.
Improvement cost as used in this section shall be defined to include construction and installation costs of grading, pavement, clearing, surveyor's monuments, drainage structure, storm sewers, sanitary sewers and other means of sewage disposal, water mains, fire protection features, streets, gutters, curbs, culverts, sidewalks, streetlights, shade trees, parking areas, landscaping, street signs, sedimentation and erosion control devices, public improvements of open space and other on-tract improvements.
Any improvements installed prior to the application for final approval that do not meet Borough standards shall be included in the performance guarantee.