[Amended 5-16-2011 by Ord. No. 11-2011]
Any fees collected prior to December 13, 1990,
shall be retained by the Township pursuant to COAH's rules regarding
the retention of development fees.
Within the R-1, R-2, R-2A, and R-3 Zoning Districts, developers shall pay a development fee of 1/2 of 1% of the equalized assessed value of any eligible residential activity pursuant to §
360-10 of this article.
[Amended 5-16-2011 by Ord. No. 11-2011; 8-19-2019 by Ord. No. 10-2019]
Developers within all zoning districts not mentioned in §
360-8 shall pay a fee of 2.5% of the equalized assessed value for eligible nonresidential activities pursuant to §
360-10 of this article.
As used in this article, the following terms
shall have the meanings indicated:
COAH
The New Jersey Council on Affordable Housing.
DEVELOPMENT FEES
Money paid by an individual, person, partnership, association,
company or corporation for the improvement of property as permitted
in COAH's rules.
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 building permit may be obtained by the Tax Assessor utilizing estimates for
construction cost. Final equalized assessed value will be determined
at project completion by the Municipal Tax Assessor.
JUDGMENT OF REPOSE
A judgment issued by the Superior Court approving a municipality's
plan to satisfy its fair share obligation.
SUBSTANTIVE CERTIFICATION
A determination by the Council approving a municipality's
housing element and fair share plan in accordance with the provisions
of the Act and the rules and criteria as set forth herein. A grant
of substantive certification shall be valid for a period of six years
in accordance with the terms and conditions contained therein.