A dedicated fund will be established for each project wherein
the City acts as the redevelopment entity.
The chosen developer by the redevelopment entity will deposit
toward the anticipated expenses for professional services a separate
fund to be placed in an escrow account pursuant to N.J.S.A 40:55D-53.1
et seq.
The amount to be deposited shall be reasonable in regard to
the scale and complexity of the development, and the initial deposit
shall be established by separate ordinance for each particular project.
Each payment charged to the deposit for review of applications
an§ preparations of documents and inspection of proof of
improvements shall be pursuant to a voucher from the professional,
which voucher shall identify the personnel performing the service,
and for each day the service is preformed, the hours spent and the
hourly rate for expenses incurred.
The municipality shall establish a close-out procedure for any
remaining funds on deposit in the escrow account following the redevelopment
entity's granting of the final approval.