For the purposes of this article, the definition of "off-site"
shall also include "off-tract." Prior to the grant of final approval
of any major development or the grant of approval of any minor development
proposal or prior to the issuance of any building permits for any
land use, including any residence or other use of property on an unimproved
street, the developer shall pay his pro rata share of the cost of
providing any reasonable and necessary street improvements and water,
sewerage and drainage facilities, and easements therefor, located
outside the property limits of the development. All payments shall
be in the manner provided herein, it being the intent of this article
that the developer bear that portion of the cost which bears a rational
nexus to the needs created by the development and benefits conferred
upon such development.
In the event that the developer shall not be required to install
off-site improvements by virtue of the provisions of this article,
then there shall be paid to the Borough Treasurer the amount of the
developer's share of the finally determined cost of the off-site improvement.
All moneys received by the Borough in accordance with the provisions
of this article shall be deposited in an interest-bearing account,
and such funds shall be used only for the improvements for which they
are deposited or improvements serving the same purpose. If the improvements
are not initiated for a period of 15 years from the date of payment,
or other mutually agreeable period of time, all deposited funds shall
be returned to the developer, together with accumulated interest.