[Adopted 10-23-2008 by Ord. No. 08-36]
This article establishes standards for the collection, maintenance,
and expenditure of development fees which shall be used for the sole
purpose of providing low- and moderate-income housing. This article
shall be interpreted within the framework of applicable law on development
fees.
The Borough of Carteret shall not spend development fees until
it decides to seek COAH approval for a plan for spending such fees
and the Borough of Carteret has voluntarily sought any substantive
certification from COAH or a judgment of compliance.
The following terms, as used in this article, shall have the
following meanings:
AFFORDABLE HOUSING DEVELOPMENT
A development included in any adopted Housing Element and
Fair Share Plan, and includes, but is not limited to, an inclusionary
development, a municipal construction project or a one-hundred-percent-affordable
development.
COAH
The New Jersey Council on Affordable Housing.
DEVELOPMENT FEE
Funds paid by an individual, person, partnership, association,
company or corporation for the improvement of property as provided
for herein.
EQUALIZED ASSESSED VALUE
The value of a property determined by the municipal Tax Assessor
through a process designed to ensure that all property in the municipality
is assessed at the same assessment ratio or ratios required by law.
Estimates at the time of issuance of a building permit may be obtained
utilizing estimates for construction cost. Final equalized assessed
value shall be determined at project completion by the municipal Tax
Assessor.
Fifty percent of the development fee shall be collected at the
time of issuance of the building permit. The remaining portion shall
be collected at the issuance of the certificate of occupancy. The
developer shall be responsible for paying the difference between the
fee calculated at building permit and that determined at issuance
of certificate of occupancy.
Imposed and collected development fees that are challenged shall
be placed in an interest-bearing escrow account by the Borough of
Carteret. If all or a portion of the contested fees are returned to
the developer, the accrued interest on the returned amount shall also
be returned.
The Borough of Carteret shall establish a monitoring program
and issue monitoring forms related to the collection of development
fees from nonresidential developers and the expenditure of revenues
and implementation of the Borough of Carteret's affordable housing
plan as may be required.
Concurrent with the authority to impose and collect the within
development fees, the Borough of Carteret shall only do so for the
period so authorized in its adopted housing plan and spending plan.
[Adopted 11-21-2013 by Ord. No. 13-23]
Officiant services performed under N.J.S.A. 37:1-13 shall be
$100 to $250.