A performance bond in the amount of 50% of the amount determined by a qualified engineer's estimate of the cost of improvement for water lines, sanitary sewers, storm sewers, drainage inlets, manholes, street grading, street paving, curbs, sidewalks or other items as may be required in fulfillment of the requirements of this chapter shall be required to be filed with the preliminary layout plan with the City Clerk, binding the owner to the City, to install and complete the subdivision in accordance with the filed plans and provisions of this chapter.