[HISTORY: Adopted by the Municipal Council of the Township
of Irvington 4-21-2016 by Ord.
No. MC 3569. Amendments noted where applicable.]
With the goal of enhancing planning, redevelopment and economic
development activities within the Township of Irvington and the intent
that such activities further the interests of sustaining and promoting
growth and development in the Township, the administration and the
Department of Economic Development and Grants Oversight is establishing
escrow accounts for fees to defray costs for redevelopment projects
and in rem foreclosure proceedings.
Pursuant to N.J.S.A. 40A:12A-8(f) of the Local Redevelopment
and Housing Law, potential redevelopers with the Township of Irvington
("Township") shall be required to enter into a redevelopment escrow
funding agreement ("funding agreement") to cover the Township's
administrative expenses, evaluations, negotiation and approval of
agreements, and other costs associated with the implementation and
administration of redevelopment projects (collectively "redevelopment
project costs and expenses") with the Township.
A.
This redevelopment funding agreement shall be a prerequisite to all
redevelopment agreements with the Township where the cost of the redevelopment
project is as described below.
B.
The funding agreement acknowledges and binds the developer to post
an escrow with the Township of Irvington to pay the Township's
redevelopment project costs and expenses. This includes, but is not
limited to, all legal, engineering and planning costs associated with
the redevelopment. The Director of the Township's Revenue and
Finance Department will establish an escrow account for the redevelopment
project. The escrow deposit will be held by the Township's Revenue
and Finance Department, for the Department of Economic Development
and Grants Oversight, and disbursed pursuant to a redevelopment funding
agreement. The funding agreement shall be initiated, implemented and
managed by the Department of Economic Development and Grants Oversight.
C.
Escrow amounts for redevelopment matters.
(1)
Potential redevelopers shall be required to make payments to an escrow
account to cover the Township's redevelopment project costs and
expenses towards the potential redeveloper's project. The initial
deposit requirement and, if necessary, the amount to be replenished
shall be based on the cost of the potential redeveloper's project
as described below:
|
Cost of Redevelopment Project
|
Escrow Deposit
| |
|---|---|---|
|
$0 to $250,000
|
$5,000
| |
|
$250,000 to $500,000
|
$10,000
| |
|
$500,000 to $1,000,000
|
$15,000
| |
|
Above $1,000,000
|
$20,000
|
(2)
If, depending on the scope of the project, the balance of the escrow
deposit has insufficient funds and/or falls below $2,000, the potential
redeveloper may be required to replenish the escrow account within
20 days from an agreement reached between the potential redeveloper
and the Township's Department of Economic Development and Grants
Oversight on the replenish amount based on the remaining work.
A.
This foreclosure funding agreement shall also be a perquisite for
redevelopers and other professionals or persons seeking to have the
Township facilitate in rem foreclosure proceedings to foreclosure
on properties with Township-owned tax liens and to subsequently transfer
title to the property acquired by the Township, after a final judgment
of foreclosure extinguishes the underlying tax debt.
B.
The funding agreement acknowledges and binds the redeveloper and/or
professional to post an escrow with the Township of Irvington to pay
the Township's foreclosure costs and expenses. This includes,
but is not limited to, the Township's administrative expenses,
costs of professionals, cost of title search fees, cost of court filing
fees and other related expenses associate with the Township initiating
and managing in rem foreclosure proceedings. The Director of the Township's
Revenue and Finance Department will establish an escrow account for
the redevelopment project. The escrow deposit will be held by the
Township's Revenue and Finance Department, for the Department
of Economic Development and Grants Oversight, and disbursed pursuant
to a foreclosure funding agreement. The funding agreement shall be
initiated, implemented and managed by the Department of Economic Development
and Grants Oversight.
C.
Escrow amounts for foreclosure expenses and costs.
(1)
Potential redevelopers shall be required to make payments to an escrow
account to cover the Township's redevelopment project costs and
expenses towards the potential redeveloper's project. The initial
deposit requirement and, if necessary, the amount to be replenished
shall be based on the cost of the potential redeveloper's project
as described below:
(2)
The escrow deposit listed above is per property. An additional deposit
above $2,500 and up to $5,000 may be required if the Township has
an increase in filing, title search fees and other related expenses
and/or if the matter is contested by the property owner, which will
increase the underlying costs of the proceeding.
This chapter shall not confer upon the Township of Irvington
any power not otherwise provided by law to determine the legality
of any collective bargaining agreement or to regulate any collective
bargaining process.
