[Amended 6-15-1999 by Ord. No. 1331; 5-3-2005 by Ord. No. 1472; 6-8-2005 by Ord. No. 1476; 2-7-2006 by Ord. No. 1488; 4-3-2007 by Ord. No. 1517; 12-18-2018 by Ord. No. 1770]
A. 
Every application for development shall be accompanied by a check payable to the City of North Wildwood in accordance with the following schedule. Applicant(s) shall submit separate checks for the filing fee charges and escrow fees.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
Application
Charge
Escrow
Subdivisions
Minor plat
$470
$1,200
Major subdivision
Preliminary plat
$470, plus $50 per lot
$1,500
Final plat
$240
$700
Preliminary and final plats
$750
$1,500
Informal concept plat
Minor plat
$170
$1,200
Major plat
$335
$1,200
Site plans
Minor plan
$470
$1,000
Preliminary plan, per residential unit
$470, plus $25 and/or $0.05 per square foot of nonresidential development
$2,700
Final plan
$240
$1,200
Informal concept plan
Minor plan
$170
$1,000
Major plan
$335
$2,700
Preliminary and final extensions
$135
$500
Variances
Appeals (N.J.S.A. 40:55D-70a)
$135
$1,000
Interpretation (N.J.S.A. 40:55D-70b)
$70
$800
Hardship or flexible (N.J.S.A. 40:55D-70c)
$170
$8001
Use (N.J.S.A. 40:55D-70d)
Existing structure
$265
$8002
On vacant lot
$265
$8002
Permit (N.J.S.A. 40:55D-34 and 40:55D-35)
$70
$500
Special meeting at applicant's request
$470
$750
Appeals to City Council (see § 276-61 of this chapter)
$135
$550
Certified list of property owners [see § 276-60D(3) of this chapter]
$0.25 per name or $10, whichever is greater
Copy of minutes, transcripts or decisions [see § 276-60E(2) of this chapter]
$0.05 per letter size page or smaller, and $0.07 per legal size page or larger
Subdivision approval certificate (see § 276-73 of this chapter)
$20 per certificate
Zoning permit
$0.018 per cubic foot of structure volume or $40, whichever is greater
Application for zoning change
$170
$2,000
NOTES:
1
The applicant would pay $800 for the first "C" variance and $400 for each additional "C" variance requested.
2
If the applicant requests a "D" variance with associated "C" variances, the escrow would be $800 plus the applicable "C" variance escrow as set forth above.
B. 
Where one application for development includes several approval requests, the sum of the individual required fees shall be paid.
C. 
The administrative charges are flat fees to cover administrative expenses and are nonrefundable.
D. 
The escrow account deposits are required to pay for the costs of professional services, including engineering, planning, legal and other expenses connected with the review of submitted materials, including any traffic engineering review or other special analysis related to the City's review of the submitted materials or any necessary studies regarding off-tract improvements. An applicant is responsible to reimburse the City for all expenses of professional personnel incurred and paid by the City for the review process of an application for development before a municipal agency, such as, but not limited to:
(1) 
Charges for reviews by professional personnel of applications, plans and accompanying documents;
(2) 
Issuance of reports by professional personnel to the municipal agency setting forth recommendations resulting from the review of any documents submitted by the applicant;
(3) 
Charges for any telephone conference or meeting requested or initiated by the applicant, his attorney or any of his experts or representatives;
(4) 
Review of additional documents submitted by the applicant and issuance of reports relating thereto;
(5) 
Review or preparation of easements, developer's agreements, deeds, approval resolutions or the like;
(6) 
Preparation for and attendance at all meetings by professionals serving the Board, such as the Attorney, Engineer and Planner, or other experts as required; and
(7) 
The cost of expert advice or testimony obtained by the municipal agency for the purpose of corroborating testimony of applicant's experts.
E. 
The escrow account deposits, when required, shall be placed in a separate account by the City Treasurer at the direction of the administrative officer and an accounting shall be kept of each applicant's deposit.
(1) 
All professional charges shall be paid from the account and charged to the applicant;
(2) 
Any moneys not expended for professional services may be returned to the applicant within 90 days upon written request by the applicant and as authorized by the City Council:
(3) 
If, at any time during the review procedure, 75% of the moneys posted shall have been expended, the applicant shall be required to post such additional sum as may be required by the administrative officer to cover professional costs;
(4) 
The applicant shall not be entitled to proceed with the application or any development until such time as the necessary moneys have been posted to guarantee payment of professional service fees;
(5) 
All payments charged to the deposit shall be pursuant to vouchers from the professionals stating the hours spent, the hourly rate and the expenses incurred;
(6) 
No professional submitting charges to the City for any review of an application for development shall charge for such services at any higher rate or in any different manner than would normally be charged to the City for similar work; and
(7) 
The City shall render a written final accounting to the developer on the uses to which the deposit was put and, thereafter, the City shall, upon written request, provide copies of the vouchers to the developer.
F. 
Each applicant for subdivision or site plan approval shall agree in writing to pay all reasonable costs for professional review of the application and for inspection of the improvements. All such costs for review and inspection must be paid before any approved plat, plan or deed is signed or any construction permit is issued, and all remaining costs must be paid in full before any occupancy of the premises is permitted or certificate of occupancy issued.
G. 
If an applicant desires a court reporter, the cost for taking testimony and transcribing it and providing a copy of the transcript to the City shall be at the expense of the applicant who shall arrange for the reporter's attendance.
H. 
For all applications for major or minor subdivisions, and for all procedures such as lot consolidations, condominium conversions, removal or addition of easements or any other action that may require a modification to the municipal Tax Map, an administrative Tax Map maintenance fee shall be paid by separate check, submitted to the City Clerk, in the amount of $100 per lot.
[Added 5-3-2022 by Ord. No. 1875]
For purposes of this section, the term "public improvements" shall mean streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, street signs, shade trees, surveyor's monuments, fire prevention features, water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation devices, landscaping, public improvements of open space, and other on-site improvements.
A. 
Requirements specific to major subdivisions.
(1) 
No final major subdivision application (whether for an entire tract or a section thereof) shall be approved by the Board until the satisfactory completion and performance of all required public improvements has been certified to the Board by the City Engineer unless the owner shall have performed the following:
(a) 
Satisfactorily completed all required utility installations and their appurtenances, including water mains, drainage and detention facilities, culverts, storm sewers, sanitary sewers or dry sewers and public improvements of open space;
(b) 
Satisfactorily completed all required grading and the macadam base course surfacing of all streets;
(c) 
Satisfactorily completed the construction of all required curbs; and/or
(d) 
Filed with the City a performance guarantee in accordance with § 276-68D of this chapter, sufficient in amount to cover the cost of all remaining required improvements, as estimated by the City Engineer, and assuring the installation of said improvements on or before an agreed date and as hereinafter provided.
(2) 
Except as hereafter provided, the remaining required improvements shall be at least 50% completed as to each category set forth in the performance guarantee within one year from the date of final approval or by such time as 50% of the lots in the section in question have been conveyed in any manner by the applicant, whichever shall first occur. At least 75% of the remaining required improvements shall be completed as to each category as set forth in the performance guarantee within 18 months from the date of final approval or at such time as 75% of the lots in the section in question have been conveyed in any manner by the applicant, whichever shall first occur. Such improvements shall be 100% completed and accepted by the City within two years from the date of final approval or at such time as all of the lots in the section in question shall first occur. It is the intention of the City Council that this requirement will provide to those living in each new section of a subdivision a lot that is as complete as possible with respect to tract and individual lot improvements.
B. 
Requirements specific to major site plans. No final major site plan application (whether for an entire tract or a section thereof) shall be approved by the Board unless the City Engineer has certified to the Board that all public improvements required by the preliminary site plan approval have been satisfactorily completed or the applicant, with the approval of the Planning Board, has entered into a developer's agreement with the City in a form satisfactory to the City Attorney and authorized by the governing body requiring the installation and maintenance by the applicant (and the applicant's successors in interest) of the public improvements, imposing such limitations upon, and/or staging of, the development of the site as are necessary to ensure orderly construction of the public improvements on or before an agreed upon date by the filing of a performance guarantee in accordance with § 276-68D of this chapter.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
C. 
Requirements specific to minor subdivisions and minor site plans. In the case of a minor site plan and/or minor subdivision, in the event that the developer elects to complete all improvements without posting the performance guaranty required by § 276-68D hereinbelow, no construction shall be commenced until a revised plan is submitted and signed, incorporating all conditions of approval. The developer shall still post the inspection escrow and notify the City Engineer prior to commencement of work. The administrative officer shall have the power to waive the requirement of an inspection escrow for minor site plans only where the site improvements are established to be less than $3,500, in which case the City building inspection staff shall perform the inspections, and notice of work to be commenced shall be given to the City Uniform Construction Code Official instead of to the City Engineer. Whether or not an inspection escrow is required, all site improvements under this subsection must be completed prior to the issuance of a certificate of occupancy or within 120 days of a temporary certificate of occupancy if the performance guaranty covering the balance of the uncompleted improvements has been posted.
D. 
Performance guarantee.
(1) 
A performance guarantee estimate shall be prepared by the City Engineer for review and approval, setting forth all required improvements as determined by the Board and their estimated cost, provided that no performance guarantee shall be required for the installation of utilities when said utility improvements will be installed by the applicable utility company. Any adjustment in the amount of the performance guarantee shall be approved by resolution of the City Council. The cost of the installation of the required improvements shall be estimated by the City Engineer based on documented construction costs for public improvements prevailing in the general area of the City. The developer may appeal the City Engineer's estimate to the City Council. The City Council shall decide the appeal within 45 days of receipt of the appeal, in writing, by the City Clerk. After the developer posts a guarantee with the City based on the cost of the installation of improvements as determined by the City Council, he may institute legal action within one year of the posting in order to preserve the right to a judicial determination as to the fairness and reasonableness of the amount of the guarantee.
(2) 
The applicant shall present two copies of the performance guarantee in an amount equal to 120% of the approved construction cost performance guarantee estimate for approval as to form and execution by the City Attorney. The performance guarantee estimates, as prepared by the City Engineer and approved by the City Council, shall be appended to each performance guarantee posted by the obligor.
(3) 
The performance guarantee shall be made payable and deposited to the City of North Wildwood and shall be in the form of cash, irrevocable letter of credit or certified check or a performance bond in which the applicant shall be principal, the bond to be provided by an acceptable surety company licensed to do business in the State of New Jersey. Irrevocable letter of credit shall be accepted only pursuant to N.J.S.A. 40:55D-53.5. The City shall issue its receipt for such deposits and shall cause the same to be deposited in the name of the City to be retained as security for completion of all requirements and to be returned to the owner on completion of all required work or, in the event of default on part of the applicant, to be used by the City to pay the cost and expense of obtaining completion of all requirements. The applicant shall provide a written agreement from his/her lending institution stating that the lending institution agrees to the time period(s) required for the completion of the improvements and to the release of the guarantee by the City Council in accordance with § 276-68G of this chapter.
(4) 
10% of the amount of the approved performance guarantee shall be deposited by the applicant in cash with the City. The remaining 90% may be in cash, irrevocable letter of credit or surety bond. In the event of default, the 10% cash shall be first applied to the completion of the requirements and any bidding and legal costs associated therewith, and the remaining 90% cash, letter of credit or surety bond shall thereafter be resorted to, if necessary, for the completion of the requirements and any additional bidding and legal costs associated therewith.
E. 
Start of construction. Construction pursuant to a site plan or subdivision approval shall not commence until:
(1) 
The applicant has paid all fees required by this chapter;
(2) 
The applicant has received all other governmental approvals required by the Board's resolution of memorialization granting subdivision and/or site plan approval;
(3) 
All revisions to the submitted plat or plan required by the Board at the time of subdivision or site plan approval have been filed with and approved by the City Engineer and any other individual or group as may have been specified by the Board in the applicable resolution of memorialization granting subdivision and/or site plan approval;
(4) 
The applicant's construction plans have been filed with and approved by the City Engineer;
(5) 
The applicant has had a preconstruction meeting with the City Engineer in accordance with § 276-72A of this chapter for the purpose of forecasting and resolving problems that may arise during the time of construction.
F. 
Inspection and tests.
(1) 
All site improvements and utility installations for site plans, subdivisions, plot plans and other realty improvements shall be inspected during the time of their installation under the supervision of the City Engineer to insure satisfactory completion. The cost of said inspection shall be the responsibility of the developer, who shall deposit with the City Treasurer inspection fees in an amount not to exceed, except for extraordinary circumstances, the greater of $500 or 5% of the cost of the improvements as determined by the City Engineer in accordance with § 276-68D(2) of this chapter, provided that:
(a) 
For those developments for which the reasonably anticipated inspection fees are less than $10,000, the fees may, at the option of the developer, be paid in two installments. The initial amount deposited by the developer shall be 50% of the reasonably anticipated fees. When the balance of deposit drops to 10% of the reasonably anticipated fees because the amount deposited by the developer has been reduced by the amount paid to the City Engineer for the inspection(s), the developer shall deposit the remaining 50% of the anticipated inspection fees.
(b) 
For those developments for which the reasonably anticipated inspection fees are $10,000 or greater, the fees may, at the option of the developer, be paid in four installments. The initial amount deposited by the developer shall be 25% of the reasonably anticipated fees. When the balance of deposit drops to 10% of the reasonably anticipated fees because the amount deposited by the developer has been reduced by the amount paid to the City Engineer for the inspection(s), the developer shall make additional deposits of 25% of the anticipated inspection fees.
(2) 
The inspection escrow shall be deposited by the City Treasurer, or his/her designee, in an account for such purposes under the sole control of the City. Said inspection escrows may be comingled with similar escrows from other developers, but accurate accounts and records shall be kept so as to identify the particular escrows and charges made against the same. The inspection escrow funds shall be used solely for payment of inspection fees, expenses and costs on behalf of the City during the course of construction by the City Engineer, or such other officials as designated by the City, including the City Planner or the City Attorney, for preparation of bond reduction resolutions and approval of guarantees.
(3) 
The City Engineer shall not perform any inspection if insufficient funds to pay for the inspections are not on deposit. Upon certification by the City Clerk or his designee that the inspection escrow account funds have been expended and that reasonable inspection costs and expenses remain, the developer shall be required to deposit such additional inspection fees in the inspection escrow account as may be reasonably required to complete the balance of the inspection during the course of construction. Failure to post and maintain the current balances of the inspection escrow pursuant hereto will subject the developer to a "stop-work" order and/or suspension of construction permits.
(4) 
In no case shall any paving work be done without permission from the City Engineer. At least two working days' notice shall be given to the City Engineer prior to any construction so that he or a qualified representative may be present at the time the work is to be done.
(5) 
Streets shall not be paved with a top course until all heavy construction is completed and, if determined by the City Engineer to be necessary, the macadam base course has first been restored. Shade trees shall not be planted until all grading and earth moving is completed. The seeding of grass and the placing of surveyor's monuments shall be among the last operations.
(6) 
The City Engineer's office shall be notified at least two working days prior to the commencement of the following phases of work so that he or a qualified representative may inspect the work:
(a) 
Road subgrade.
(b) 
Curb and gutter forms.
(c) 
Curbs and gutters.
(d) 
Road paving.
(e) 
Sidewalk forms.
(f) 
Sidewalks.
(g) 
Drainage pipes and other drainage construction.
(h) 
Street name signs.
(i) 
Monuments.
(j) 
Sanitary sewers.
(k) 
Detention and/or retention basins.
(l) 
Topsoil, seeding and planting.
(m) 
Underground utilities.
(7) 
Any improvement installed contrary to the plan or plat approval by the City shall constitute just cause to void the municipal approval.
(8) 
Any improvement installed without notice for inspection pursuant to Subsection F(4) hereinabove shall constitute just cause for:
(a) 
Removal of the uninspected improvement;
(b) 
The payment by the developer of any costs for material testing;
(c) 
The restoration by the developer of any improvements disturbed during any material testing; and/or
(d) 
The issuance of a stop-work order by the City Engineer pending the resolution of any dispute.
(9) 
Inspection by the City of the installation of improvements and utilities shall not operate to subject the City of North Wildwood to liability for claims, suits or liability of any kind that may at any time arise because of defects or negligence during construction or at any time thereafter; it being recognized that the responsibility to maintain safe conditions at all times during construction and to provide proper utilities and improvements is upon the owner and his contractor, if any.
(10) 
Upon substantial completion of all required street improvements (except for the top course) and appurtenant utility improvements, and the connection of same to the public system, the obligor may request of the City Council, in writing, by certified mail in care of the City Clerk, that the City Engineer prepare in accordance with the itemized cost estimate prepared by the City Engineer and appended to the performance guarantee pursuant to § 276-68D(2) of this chapter, a list of all uncompleted or unsatisfactory completed improvements. If such a request is made, the obligor shall send a copy of the request to the City Engineer. The request shall indicate which improvements have been completed and which improvements remain uncompleted in the judgement of the obligor. The City Engineer shall inspect all the improvements covered by the obligor's request and shall file a detailed list and report, in writing, with the City Council and shall simultaneously send a copy thereof to the obligor not later than 45 days after receipt of the obligor's request. If the City Engineer fails to send or provide the list and report, as requested by the obligor, within 45 days from the receipt of the request, the obligor may apply to the Court in a summary manner for an order compelling the City Engineer to provide the list and report within a stated time and the cost of applying to the court, including reasonable attorney's fees, may be awarded to the prevailing party.
(11) 
The list prepared by the City Engineer pursuant to Subsection F(10) hereinabove shall state, in detail, with respect to each improvement determined to be incomplete or unsatisfactory, the nature and extent of the incompleteness of each incomplete improvement or the nature and extent of, and remedy for, the unsatisfactory state of each completed improvement determined to be unsatisfactory. The report prepared by the City Engineer shall identify each improvement determined to be complete and satisfactory, together with a recommendation as to the amount of reduction to be made in the performance guarantee relating to the completed and satisfactory improvement in accordance with the itemized cost estimate prepared by the City Engineer and appended to the performance guarantee pursuant to § 276-68D(2) of this chapter.
G. 
Release. The City Council, by resolution, shall either approve the improvements determined to be complete and satisfactory by the City Engineer or reject any or all of these improvements upon the establishment in the resolution of cause for rejection and shall approve and authorize the amount of reduction to be made in the performance guarantee relating to the improvements accepted, in accordance with the itemized cost estimate prepared by the City Engineer and appended to the performance guarantee pursuant to § 276-68D(2) of this chapter. This resolution shall be adopted not later than 45 days after receipt of the list and report prepared by the City Engineer.
(1) 
Upon adoption of the resolution by the City Council, the obligor shall be released from all liability pursuant to its performance guarantee with respect to those approved improvements except for that portion adequately sufficient to secure completion or correction of the improvements not yet approved, provided that 30% of the amount of the performance guarantee posted may be retained to ensure completion and acceptability of all improvements.
(2) 
In the event that the obligor has made a cash deposit with the City or approving authority as part of the performance guarantee, then any partial reduction granted in the performance guarantee shall be applied to the cash deposit in the same proportion as the original cash deposit bears to the full amount of the performance guarantee.
(3) 
If any portion of the required improvements is rejected, the obligor shall complete or correct such improvements and, upon completion or correction, shall notify the City Council as specified in § 276-68F(10) of this chapter and the same procedures shall be followed as in the first instance.
(4) 
Prior to the approval by the City Council of the final reduction and release of the performance guarantee, all easements and open space shall be conveyed to the City or such other grantee as specified on the final plat by deed containing a metes-and-bounds legal description.
(5) 
If the City Council fails to approve or reject the improvements determined by the City Engineer to be complete and satisfactory or reduce the performance guarantee for the complete and satisfactory improvements within 45 days from the receipt of the City Engineer's list and report, the obligor may apply to the court in a summary manner for an order compelling, within a stated time, approval of the complete and satisfactory improvements and approval of a reduction in the performance guarantee for the approvable complete and satisfactory improvements in accordance with the itemized cost estimate prepared by the City Engineer and appended to the performance guarantee pursuant to § 276-68D(2) of this chapter, and the cost of applying to the court, including reasonable attorney's fees, may be awarded to the prevailing party.
H. 
Conditions and acceptance of improvements. The approval of any application for development by the City shall in no way be construed as acceptance of any street or drainage system or other improvement. No improvements shall be accepted by the City Council unless and until all of the following conditions have been met:
(1) 
The final application for development shall have been approved by the Planning Board and the developer shall have submitted an affidavit, signed by a licensed New Jersey professional land surveyor, certifying that all required monuments have been set in accordance with the Map Filing Law[1] and any approved subdivision plat.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
[1]
Editor's Note: See N.J.S.A. 46:26B-1 et seq.
(2) 
The City Engineer shall have certified in writing that the improvements are completed and that they comply with the requirements of this chapter and the terms of the final application for development approved by the Board.
(3) 
The owner shall have filed with the City Council a maintenance guarantee in an amount equal to and not more than 15% of the cost of installing the improvements, the cost to be determined by the City Engineer in accordance with § 276-68D(2) of this chapter hereinabove. The maintenance guarantee shall run for a period of two years, provided that the maintenance guarantee shall not terminate until the City Council has authorized its release pursuant to a recommendation by the City Engineer. The procedures and requirements governing such maintenance guarantee shall be identical with the procedures and requirements for a performance guarantee set forth in this chapter. The requirements for a maintenance guarantee may be waived by the City Council only if the City Engineer has certified that the improvements have been in continuous use for not less than two years from the date the City Engineer certified completion of such improvements and that during this period the owner has maintained the improvements in a satisfactory manner.
(4) 
An as-built plan and profiles of all utilities and roads (three black and white prints plus a Mylar copy to be sent to the City Engineer), with certification signed and sealed by a New Jersey licensed professional engineer as to the actual construction as approved by the City Engineer, shall be provided.
(5) 
If an approving authority includes as a condition of approval of an application for development pursuant to this chapter the installation of streetlighting on a dedicated public street connected to a public utility, then, upon notification in writing by the developer to the approving authority and governing body of the municipality that the streetlighting on a dedicated public street has been installed and accepted for service by the public utility and that certificates of occupancy have been issued for at least 50% of the dwelling units and 50% of the floor area of the nonresidential uses on the dedicated public street or portion thereof indicated by section pursuant to Section 29 of P.L. 1975, c. 291 (N.J.S.A. 40:55D-38), the municipality shall, within 30 days following receipt of the notification, make appropriate arrangements with the public utility for, and assume the payment of, the costs of the streetlighting on the dedicated public street on a continuing basis. Compliance by the municipality with the provisions of this subsection shall not be deemed to constitute acceptance of the street by the municipality.
I. 
Extension of time. The time allowed for the installation of the improvements for which the performance guarantee has been provided may be extended by the City Council by resolution, provided that the current cost of installation of such improvements shall first be redetermined by the City Engineer, and if such current cost is found to be greater than the cost as originally determined, the applicant shall be required to increase the amount of the performance guarantee to an amount equal to 120% of the installation cost as redetermined. In the event that the redetermined cost shall be less than the cost as originally determined, and in further event that the applicant's performance guarantee exceeds 120% of such redetermined costs, the applicant shall be entitled to a reduction of the performance guarantee to an amount equal to 120% of such redetermined costs.
J. 
Default by developer. If the required improvements are not completed or corrected in accordance with the performance guarantee, the obligor and surety, if any, under the performance guarantee shall be liable thereon to the City for the cost of the improvements not completed or constructed, and the City, either prior to or after receipt of the proceeds thereof, may complete the improvements. Such completion or correction of improvements shall be subject to the public bidding requirements of the Local Public Contracts Law, P.L. 1971, c. 198.[2] For purposes of this subsection, "default" shall mean failure to install the improvements in accordance with City standards of construction, including but not limited to failure to install the improvements prior to the expiration of the performance guarantee. The City Engineer's certification that the developer has defaulted in compliance with the required standards of construction and installation of improvements shall be the basis for City Council action which rejects the improvements, withholds approval, withholds construction permits or formally declares default and authorizes collection on the performance guarantee.
[2]
Editor's Note: See N.J.S.A. 40A:11-1 et seq.
K. 
Penalties. In addition to the penalties for violation of this chapter in accordance with § 276-74B, the City Engineer is specifically authorized to require the replacement or restoration of any lands, buildings, structures and site improvements (including clearing, whether on-site or off-site) or of any other work commenced or continued on any site for which an approval is required pursuant to this chapter in violation of any stop-construction order or the standards for construction as established by the City.
Whenever an amount of money in excess of $5,000 is deposited by an applicant or developer with the City for professional services employed by the City for the review of submitted applications for development pursuant to § 276-67 of this chapter or for inspections pursuant to § 276-68F of this chapter or to satisfy the guarantee requirements pursuant to § 276-68D of this chapter, the money, until repaid or applied to the purposes for which it is deposited, including the applicant's portion of the interest earned thereon, except as otherwise provided in this section, shall continue to be the property of the applicant or developer and shall be held in trust by the municipality in accordance with the following:
A. 
The money deposited shall be held in escrow.
B. 
The money shall be deposited by the City in a banking institution or savings and loan association in New Jersey insured by an agency of the federal government, or in any other fund or depository approved for such deposits by the state.
C. 
The money shall be deposited in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits.
D. 
The City shall notify the applicant in writing of the name and address of the institution or depository in which the deposit is made and the amount of the deposit.
E. 
The City shall not be required to refund an amount of interest paid on a deposit which does not exceed $100. However, if the amount exceeds $100, that entire amount shall belong to the applicant or developer and shall be refunded to him/her by the City annually or at the time the deposit is repaid or applied to the purposes for which it was deposited, as the case may be; except that the City may retain for administrative expenses a sum equivalent to not more than 33 1/3% of that entire amount which shall be in lieu of all other administrative and custodial expenses.