A.
The Planning Board may prepare a program of municipal capital improvement projects for the township pursuant to the standards and procedures set forth in this article in conjunction with the Master Plan. The Planning Board shall recommend such program to the Township Committee, which may adopt such program with any modification approved by an affirmative vote of a majority of the full authorized membership of the Township Committee and with the reasons for said modification recorded in the minutes.
B.
The Capital Improvement Program shall be a program of municipal capital improvement projects projected for a period of at least six years. The program shall include major projects currently being undertaken or to be undertaken, with federal, state, county and other public funds or under federal, state or county supervision. Such projects may include any major, nonrecurring expenditure or any expenditure for physical facilities of government, such as costs for acquisition of land or interests in land; construction of buildings or other structures, including additions or major alterations; construction of streets and utility lines; construction or installation of public improvements; acquisition of fixed equipment; installation of landscaping; and similar expenditures.
C.
The Capital Improvement Program shall include:
(1)
A classification of the recommended projects based upon their urgency and need for realization.
(2)
A recommendation of a time sequence to be followed in implementing the recommended projects.
(3)
The estimated costs and revenues, if any, of each project, including estimates of the probable operating and maintenance costs.
(4)
A tabulation of existing sources of funds, listing source and amount for each project, and where such sources are insufficient, the need for additional sources of funds for the implementation and operation of each project.
(5)
An estimate of the number of persons and establishments which will be displaced by each recommended project.
(6)
Such other elements as the Planning Board or Township Committee may find useful or appropriate.