Prior to the submission of any final plan for recording in the case of a subdivision, or plans seeking building permits in the case of a project approved under the Development Plan Review process, the applicant shall submit to the Town Planner, the written itemized estimate of the cost of all required infrastructure and landscape improvements, including labor and materials. Estimates for labor costs shall be based on prevailing wage rates. Such estimate shall be reviewed by the Town Engineer, and/or Tree Warden in the case of a landscape plan, who shall recommend to the Planning Board an amount estimated to be sufficient to cover the cost of improvements. The recommended estimate(s) shall be advisory in nature and shall not bind the Planning Board to acceptance of said estimate(s). The amount of surety required shall equal 125% of the cost estimate approved by the Planning Board.