This article is intended to ensure a pro-rata allocation of
the costs for off-tract improvements necessitated by new development
As a condition of final major subdivision or site plan approval,
the Reviewing Board may require an applicant to pay his pro-rata share
of the cost of providing only reasonable and necessary off-tract improvements.
These costs may include but, are not limited to, the costs of street
improvements, water, sewerage and drainage facilities, and easements
therefore, located outside the property limits of the development
but necessitated or required by construction or improvements within
such development. The proportionate or pro-rata amount of the cost
of such facilities that shall be borne by each developer or owner
within a related or common area shall be based on the criteria established
herein.
Full Allocation. In cases where the reasonable and necessary
off tract improvement or improvements are necessitated or required
by the proposed development and where no other property owners receive
a special benefit thereby, the applicant may be required, as a condition
of approval, at the applicant's sole expense, to provide for and construct
such improvements as if such were an on tract improvement in the manner
provided hereafter and otherwise provided by law.
In cases where the need for any off-tract improvement is necessitated
by the proposed development application and where it is determined
that properties outside of the development will also be specially
benefited by the improvement, the following criteria shall be utilized
in determining the proportionate share of such improvements to the
developer.
A.
Sanitary Sewers. Distribution facilities including the installation,
relocation or replacement of collector, trunk and interceptor sewers,
and the installation, relocation or replacement of other appurtenances
associated therewith; the applicant's proportionate share shall be
computed as follows:
1.
The capacity and the design of the sanitary sewer system shall be
based on "Rules and Regulations for the Preparation and Submission
of Plans for Sewerage Systems," New Jersey Department of Environmental
Protection, except where governed by the Residential Site Improvement
Standards, N.J.A.C. 5:21-6, and all Lakewood Township sewer design
standards including infiltration standards, and all other Township
sanitary sewer standards.
2.
The capacity of the existing system to service the entire improved
drainage area shall be computed. If the system is able to carry the
total developed drainage basin, no improvement or enlargement cost
will be assigned to the developer. If the existing system does not
have adequate capacity for the total developed drainage basin, the
prorated enlargement or improvement share shall be computed as follows:
Total enlargement or improved cost = Total tributary gpd.
Developer's cost = Development gpd.
If it is necessary to construct a new system or upgrade the
existing system in order to service the proposed development, the
prorated enlargement share to the developer shall be computed as follows:
Total tributary gpd.
Total project cost = to new system
Developer's cost = Developer's tributary gpd.
The plans for the improved system or extended system shall be
prepared by the developer's engineer. All work and costs shall be
calculated by the developer and approved by the Township Engineer.
B.
Roadways. Street widening, alignment, channelization of intersections,
construction of barriers, new or improved traffic signalization, signs,
curbs, sidewalks, trees, utility improvements not covered elsewhere,
the construction or reconstruction of new or existing streets and
other associated street or traffic improvements, the applicant's proportionate
cost shall be computed as follows:
1.
The Township Engineer or Planner shall provide the applicant with
the existing and anticipated future peak hour flows for the off-tract
improvement.
2.
The applicant shall furnish a plan for the proposed off tract improvement
which shall include the estimated peak hour traffic generated by the
proposed development. The ratio of the peak hour traffic generated
by the proposed development to the future additional peak hour traffic
anticipated to impact the proposed off tract improvement shall form
the basis of the proportionate share. The proportionate share shall
be computed as follows:
|
Developer's Cost
|
=
|
Total cost of the off-tract improvement
|
X
|
Future peak hour traffic generated by the developer(%)
Future additional peak hour traffic
|
C.
Drainage improvements. Storm water and drainage improvements including
the installation, relocation or replacement of storm drains, culverts,
catch basins, manholes, rip rap or improved drainage ditches and appurtenances
thereto and relocation or replacement of other storm drainage facility
or appurtenances associated therewith, the applicant's proportionate
share shall be determined as follows:
1.
The capacity and the drainage system design to accommodate storm
water runoff shall be based on a method described in "Urban Hydrology
for Small Watershed Technical Release 55", Soil Conservation Service
USDA, current issue, computed by the developer's engineer and approved
by the Township Engineer.
2.
The capacity of the enlarged, extended or improved system required
for the subdivision and areas outside of the developer's tributary
to the drainage system shall be determined by the developer's engineer
subject to approval of the Township Engineer. The plans for the improved
system shall be prepared by the developer's engineer and the estimated
cost or the enlarged system shall be calculated by the Township Engineer.
The pro-rated share for the proposed improvement shall be computed
as follows:
Total enlargement or improvement cost of drainage facilities
= Total tributary cfs
Developer's cost = Developer's cfs
Where the proposed off-tract improvement is to be undertaken
at some future date, the monies required for the improvement shall
be deposited to the credit of the Township in a separate interest
bearing account until such time as the improvement is constructed.
If the off-tract improvement is not begun within five years of deposit
or term of approval, whichever is earlier, all monies and interest
shall be returned to the applicant.
In any case in which an applicant does not provide the approving
authority with estimates from a traffic consultant and/or consulting
engineer regarding estimated improvement costs and all other information
necessary to proportion costs, the approving authority may rely on
estimates of the Township Engineer and Planner to determine pro-rata
costs.
[Ord. No. 2014-85; Ord. No. 2017-17]
A.
Purpose and Intent. The purpose of this section is to ensure that
infrastructure, including, but not limited to off-tract road and related
drainage, lighting, sidewalks, signage, traffic control devices and
the like could be maintained and created to accommodate new development.
The Township of Lakewood's Transportation Improvement Districts ("TID's")
are designed to achieve the following purposes:
1.
To encourage safe and efficient traffic flow and pedestrian access
along the roadway systems serving the Township;
2.
To maintain satisfactory levels of traffic service throughout the
Township during peak travel times;
3.
To assess future development its fair share of the cost of reasonable
and necessary off-tract improvements that are a direct consequence
of such new development rather than arising from existing development;
4.
To raise revenues that will be managed and expended in such a manner
and time that the development paying the fee will receive a direct
benefit from the improved roads and related facilities;
5.
To encourage development that is compatible with and, whenever possible,
carries out the land use and circulation objectives of the Lakewood
Township Master Plan and other regional planning incentives that match
Lakewood Township's community goals;
6.
To accomplish the foregoing objectives through thoughtful and cooperative
planning between all levels of government and the private sector for
the benefit of all residents and businesses in the Township;
7.
It is the intent of this subsection to effectuate its terms consistent
with the goals and objectives of the County of Ocean and the agencies
of the State of New Jersey through policy and project agreements now
or hereafter formulated or consummated.
B.
Identification of Districts. The following TID's are hereby established,
as described in the "Township of Lakewood Capital Improvement Plan
for Transportation Infrastructures" (the TID Plan") dated August 12,
2014, prepared by T & M Associates, attached as Exhibit A (Exhibit
A is on file with Ord. No. 2014-85 in the Township Offices.):
1.
Transportation Improvement Districts 1 & 2 (TID 1 & 2) comprised
of the area set forth on the attached map[1] drawn by T & M Associates entitled "Transportation
Improvement Districts I & 2 Lakewood New Jersey". TID 1 is generally
bounded by Route 9 to the east, Watering Place Brook to the north
and the Township's municipal boundary to the east and south. TID 2
is bounded by Route 9 to the west, New Hampshire Avenue (CR 623) to
the east, Lake Shenandoah County Park and the Metedeconk Recreation
Area to the north and the Township's municipal boundary to the south.
[1]
Editor's Note: The map may be found in the Township offices
with Ord. No. 2014-85.
C.
Roadway Improvements. The improvements to be made within each established
TID are set forth in the TID Plan or as amended in the future. Improvements
to be made within the TID may include but are not limited to the construction
or reconstruction of new or existing streets, right-of-way, acquisition,
engineering, and other associated street or traffic improvements such
as street widening, alignment, channelization of intersections, construction
of barriers, new or improved traffic signalizations, signs, curbs,
sidewalks, street drainage, road culverts, lighting, landscaping,
utility relocation and the like.
D.
Impact Fees.
1.
The pro-rata share of TID impact fees ("TID Impact Fees") to be Collected
from a developer having an application for development within an established
TID shall be adopted from time to time by the Township Committee with
recommendations of the Planning Board or Zoning Board of Adjustment,
as the case may be, and the County of Ocean, (to the extent that egress
from or ingress upon a County roadway is involved). The current impact
fees are to be calculated in accordance with the formula set forth
in Exhibit B[2] attached hereto.
[Ord. No. 2017-17]
[2]
Editor's Note: Exhibit B may be found as an attachment to
this chapter.
2.
The purposes of the TID impact fee is to satisfy the developer's
proportionate and pro-rate contribution to the cost of reasonable
and necessary off-tract roadway improvements and necessitated by new
development (to include, but not be limited to: the construction or
reconstruction of new or existing streets, rights-of-way, acquisition,
engineering, and other associated street or traffic improvements such
as street widening, alignment, channelization of intersections, construction
of barriers, new or improved traffic signalization, signs, curbs,
sidewalks, street drainage, road culverts, lighting, landscaping,
utility relocation and the like) to be borne by developers within
a related and common area of an established TID.
3.
The data upon which TID impact fees are determined shall be adjusted
from time to time as is reasonably deemed appropriate by the Township
Committee and the County to account for modifications to projected
roadway improvement costs resulting from detailed engineering field
studies and inflation, adjusted development projections, actual costs
of TID program maintenance and administration, land acquisition costs
and necessary changes in the scope of roadway improvements.
4.
Where an applicant pays the amount determined as his pro-rata share
under protest, he shall institute a legal action within one year of
such payment in order to preserve the right to judicial determination
as to the fairness and reasonableness of such amount. In the event
such applicant fails to institute such legal action within one year
of such payment, such applicant shall have been deemed to waive any
right to challenge such pro-rata share.
E.
Implementation of TID Impact Fees through Developers Agreements.
1.
Developers of developments within an established TID shall be required
to enter into an agreement with the Township (and with Ocean County,
to the extent that egress from and ingress upon a County roadway is
involved) for the payment of the required TID impact fee; and the
Planning Board or Board of Adjustment, (after receiving input from
County or State agencies for developments located along roads under
the jurisdiction of these agencies, if County or State road improvements
are to be undertaken) as the case may be, in deliberations with respect
to any applications for preliminary approval of development located
within an established TID, shall make findings and recommendations
as to items to be addressed by the agreement. A condition to any final
approval shall be that the developer enter into the said agreement
with the Township (and with Ocean County, to the extent that egress
from or ingress upon a County roadway is involved). The agreement
shall be in proper form for recording and, once duly signed and acknowledged
by all parties thereto, shall be recorded by the developer in the
Ocean County Clerk's Office.
2.
The agreement shall take into
consideration the applicable Board's findings of fact, recommendations
and conditions of approval and shall, at a minimum, provide for the
following;
(a)
Payment of an impact fee representing the applicant's fair share
of road and street (Township, County and State) improvements, inclusive
of land acquisition costs, if any, in accordance with the standards
set forth in this subsection and the TID Plan. Unless an installment
payment schedule is approved, the TID impact fee shall be paid prior
to the issuance of any building permits.
(b)
Where the development is phased, an installment payment schedule,
if requested by the developer, based upon the phasing of the development
as agreed to by the Township Committee with respect to the collection
of the fee determined. With any installment payment plan, full payment
shall be required prior to the issuance of the final building permit
for the project or phase thereof subject to such installment payments.
The applicable Board may require that the developer posts a letter
of credit or other appropriate financial guarantee to ensure the receipt
of any such installment payments.
(c)
The limit of the developer's future off-tract traffic improvement
liability upon full or partial payment of the TID impact fee.
(d)
A description of on-tract or off-tract road and related traffic
improvements to be made by or at the expense of the developer, in
lieu of a TID impact fee, contribution or some combination thereof,
if any, and the timing or sequencing of such installation.
(e)
A description of any credits or repayment due the developer
as a result of voluntary construction or payments in excess of the
developer's fair share based upon the standards set forth in the TID
Plan.
(f)
Where the proposed off-tract improvement is to be undertaken
at some future date, the monies required for the improvement shall
be deposited in a separate interest-bearing account to the credit
of the Township (or, in the case of a County road, in the joint interest
bearing account established or to be established between the Township
and the County) until such time as the improvement is constructed.
(g)
Such other matters as may be recommended by the applicable Board
or the Township Committee.
3.
Use of Funds Collected. Any funds collected by way of the TID impact
fee shall be maintained in a separate escrow account credited to the
Township or in a separate escrow account of the County (if a County
road is involved). Such funds shall be used only for improvements
referred to in the TID Plan and as adopted as part of the Township's
capital improvement program. Any funds held in the account of the
County shall be distributed and utilized in accordance with an agreement
between the County and the Township regarding the distribution and
utilization of such funds. The mutual consent of the County and the
Township shall be required prior to the release of any funds held
by the County in its escrow account for purposes of capital expenditures
to any county road within an established TID.
4.
Exemption for Public Buildings. Development applications made by
a municipal agency for the construction of a public building shall
be exempt from the requirements of the payment of a TID impact fee
as set forth herein, provided that the Township Committee finds that
the proposed building will serve a public purpose and promote the
public health, safety and welfare. Rather, the traffic impact, if
any, of such public building shall be considered as part of the general
sector share.
[1]
Editor's Note: Prior ordinance history: Ordinance No. 2015-61.
[Ord. No. 2016-43 § 1]
Pursuant to N.J.S.A. 40:56-1 et seq., a municipality may under
take various works as a "local improvement," the cost of which may
be assessed upon the lands in the vicinity thereof benefited thereby.
The Oak Street Corridor Improvement District ("District") is
to be developed as a residential community including houses of worship,
schools, shuls, and residential units, including duplex and single-family
residential structures.
The District is comprised of various parcels of property identified
on Schedule A[1] attached hereto.
The development of the District as a residential community will
require the installation of certain improvements identified on a plan
prepared by FWH entitled "Oak Street Corridor Improvements Plan,"
dated August 2, 2014, as may be revised from time to time, consisting
of 13 Sheets ("Improvement Plan").
The District is to be developed as a residential community by
an unincorporated joint venture comprised of persons and/or entities
who are record owners of properties located in the District, which
unincorporated joint venture is known as the Oak Street Core Group
Joint Venture ("Developer").
The Developer has petitioned the municipality pursuant to N.J.S.A.
40:56-3, to make various improvements as envisioned by N.J.S.A. 40:56-1
et seq.
There are certain record owners of property located in the District
who are not members of the Oak Street Core Group ("Non-Developers").
Pursuant to a separate agreement entered into with between the
Township and the Developer ("Developers Agreement") dated March 17,
2016, the Developer will undertake the installation of the improvements
defined herein and identified on the Improvement Plan at its cost
and expense.
As a result of the redevelopment and improvement of the District,
the Township has incurred and will continue to incur costs and expenses
associated with same.
The purpose of adopting this section is to provide a mechanism
to recapture the costs associated with the improvements from Non-Developers
that will benefit from same and to deliver same to the Developer and
to recapture the Township costs from Non-Developers and Developers.
[1]
Editor's Note: Schedule A may be found in the Township offices.
[Ord. No. 2016-43 § 2]
The following words, terms and phrases, when used in this section,
shall have the meanings respectively ascribed to them in this section,
unless the context clearly indicates otherwise:
An accounting of the actual Developer Costs incurred by the
Developer provided to the Township following the completion of the
installation of the Improvements and the acceptance of same by Township.
The joint venture known as the Oak Street Core Group Joint
Venture formed for the purposes of developing the District as a residential
community.
The actual costs incurred by the Developer to design and
construct the Improvements, which costs shall include but not be limited
to the costs associated with design, surveying, engineering, environmental
studies, insurance premiums, management fees, consultation fees, land
acquisition costs, remedial work for tree restoration and wildlife
habitat, construction, legal fees, application fees and escrow funding.
The agreement dated March 16, 2016, entered into between
the Township and the Developer pursuant to which the Developer has
agreed to construct and install the Improvements and the Township
has agreed to recapture the Developer Costs of same from subsequent
Non-Developers.
The potential number of residential units which could be
constructed is 407.5 units, where a duplex is considered 2 units and
where each detached single family dwelling unit is considered 1.25
units for purposes of calculating the pro-rata share under this section.
The Law Firm of Heilbrunn Pape, LLC, with offices at 516
Route 33, Millstone Township, New Jersey 08535.
$14,000,000 which amount represents the best estimate of
the Developer costs calculated by the Developer at the time of the
adoption of this section.[1]
The improvements identified on the Improvement Plan including
but not limited to stormwater management facilities, appurtenances
and systems; sanitary sewer lines, appurtenances and systems; water
lines, appurtenances and systems; roadways, curbs, sidewalks, street
lighting, recreation elements, all other utilities such as electric,
cable, natural gas, telephone, off-site land acquisitions and specifically
including improvements to the intersection of Route 9 and Broadway
including the installation and/or improvement to a traffic signal.
Any person or entity that owns property located in the District
and seeks to utilize or develop that property but which person or
entity is not part of the Oak Street Core Group Joint Venture. Non-Developer
shall also mean any Developer in default of its obligations pursuant
to the Oak Street Core Group Joint Venture agreement as determined
therein.
An amount calculated in accordance with this section required to be paid by a Non-Developer to the Township, which funds shall be utilized to reimburse the Developer for the Developer Costs pursuant to Subsection 18-506.3 hereof or the Township for the Township costs pursuant to Subsection 18-506.4 hereof.
The Township of Lakewood, Ocean County, New Jersey.
Shall mean and include, but not limited to, appraisal fees,
engineering costs, administrative fees, land acquisition and deed
restriction costs, and bonding costs incurred by the Township as a
result of the improvements to the District as contemplated by this
section.
[1]
Editor's Note: Ordinance No. 2016-43, codified herein, was
adopted September 15, 2016.
[Ord. No. 2016-43 § 3]
A.
Any Non-Developer seeking to develop property located in the District
shall be required to pay its pro-rata share to the escrow agent. The
pro-rata share collected by the escrow agent shall be transferred
to the Developer as provided for herein.
B.
The pro-rata share of developer costs to be paid by a Non-Developer
pursuant to this section shall be an amount equal to a fraction of
the certified developer costs incurred by the Developer. The pro-rata
share shall be calculated by multiplying the certified developer costs
by a fraction, the numerator of which is the number of residential
units proposed by the Non-Developer ("non-developer units") and the
denominator of which is the district yield. For purposes of this calculation
a duplex shall be considered 2 residential units and a single-family
detached dwelling shall be considered 1.25 residential units. The
formula for same shall be:
|
Non-Developer Units
District Yield
|
X
|
Certified Developer Costs = Pro-rata Share
|
The foregoing calculation of the pro-rata share for
developer costs is subject to the following:
1.
Upon the completion of the improvements, the Developer shall provide
the Township with the certified developer costs incurred by the Developer
pursuant to this section.
2.
Until such time as the Developer has provided the Township with the
certified developer costs following the completion of construction,
the escrow agent shall utilize the estimated costs to determine the
pro-rata share of a Non-Developer.
3.
All pro-rata shares collected by Township based upon the estimated
costs shall be held in escrow by the escrow agent until such time
as the Developer provides the Township with the certified developer
costs at which time the pro-rata shares shall be distributed as follows:
a.
In the event the certified developer costs exceed the estimated
costs, the escrow agent shall release all of the funds held pursuant
to the above and shall notify all Non-Developers that paid a pro-rata
share based upon the estimated costs of the additional pro-rata share
that must be paid. Non-Developers notified pursuant to this subsection
and required to pay an additional pro-rata shall pay same as directed
by the escrow agent within 60 days of such notice. In the event that
a Non-Developer fails or refuses to pay the additional pro-rata share
required by this subsection, same may be treated in the same manner
as failure to pay a municipal tax and shall become a lien on the property
of the Non-Developer which is the subject of this section.
b.
In the event the certified developer costs are less than the
estimated costs, the escrow agent shall release to the Developer the
pro-rata share to which it is entitled pursuant to this section and
return the balance of same to the Non-Developer.
C.
In order to encourage funding by Non-Developers of their pro-rata
share as early as possible in the installation and construction of
the improvements the pro-rata share shall include interest in the
amount of 4% per annum, which interest shall accrue from the date
of final adoption of this section until the date of payment.[1]
[1]
Editor's Note: Ordinance No. 2016-43, codified herein, was
adopted September 15, 2016.
D.
A Non-Developer required to pay a pro-rata share pursuant to this
section shall pay same to the escrow agent upon the earlier of any
of the following occurrences:
1.
Within 60 days after the issuance of a final approval for the proposed
development of the Non-Developer to which this section applies. In
the event the Non-Developer fails to timely pay the pro-rata share,
the final approval shall become null and void. The condition of the
final approval requiring the payment of the pro-rata share shall include
the amount of the pro-rata share; or
2.
As a condition of the issuance of a certificate of occupancy, or
earlier as elected by the Non-Developer.
E.
The payment of a pro-rata share pursuant to this section shall not
relieve a Non-Developer from paying any other charges or fees required
by the Township pursuant to any other statute, ordinance or regulation.
A.
Any Developer or Non-Developer seeking to develop property located
in the District shall be required to pay its pro-rata share to the
Township to reimburse the Township for the Township costs.
B.
The pro-rata share of Township costs to be paid pursuant to this
section shall be an amount equal to a fraction of the Township costs.
The pro-rata share shall be calculated by multiplying the Township
costs by a fraction, the numerator of which is the number of residential
units proposed by the Developer or the Non-Developer making application
for a building permit ("project units") and the denominator of which
is the district yield. For purposes of this calculation a duplex shall
be considered 2 residential units and a single-family detached dwelling
shall be considered 1.25 residential units. The formula for same shall
be:
|
Project Units
District Yield
|
X
|
Township Costs = Pro-rata Share
|
In the event a house of worship, a private educational
facility, or any other non-residential use is proposed to be developed
on any property within the Oak Street Core in lieu of residential
development, by either a Developer or a Non-Developer, it will be
designated as having the maximum number of residential units developable
on the property in question based upon its area, and shall be required
to pay its pro-rata share for Township's costs in accordance with
this section.
The foregoing calculation of the pro-rata share of Township
costs is subject to the following:
1.
The Township costs shall be established by the Township Committee
and amend from time to time with recommendations from the Township
Engineer, Planner and Attorney as determined necessary by the Township
Committee.
2.
The data upon which the Township costs are determined shall be adjusted
from time to time as is reasonably deemed appropriate by the Township
Committee to account for modifications to the development of the District
and the costs incurred by the Township relating to same.
3.
The Township costs shall be subject to the following:
a.
The costs and expenses incurred by the Township to date have
been calculated at $250,000;
b.
The total Township Costs shall be the $250,000 referenced in
Subsection B3a above, plus the value of the lands made available by
the Township of Lakewood for storm drainage improvements and tree
preservation, which valuation shall be made effective January 24,
2014, as set forth in the Gagliano and Company appraisal dated July
28, 2016, in the amount of $1,705,000, plus any other costs or expenses
incurred by the Township from the date of the adoption of this section
forward.[1] In no event shall the total Township Costs, inclusive
of the $1,955,000 referenced in this subsection, exceed an amount
equal to $10,000 per dwelling unit benefitted by said improvements.
In the event the cost per dwelling unit exceeded $10,000, said additional
cost would be borne solely by the Oak Street Core Joint Venture Group.
[1]
Editor's Note: Ordinance No. 2016-43, codified herein, was
adopted September 15, 2016.
C.
The pro-rata share of Township costs pursuant to this section shall
be paid to the Township upon the earlier of any of the following occurrences:
1.
Within 60 days after the issuance of a final approval for the proposed
development to which this section applies. In the event the Developer
or Non-Developer fails to timely pay the pro-rata share pursuant to
this section, the final approval shall become null and void. The condition
of the final approval requiring the payment of the pro-rata share
shall include the amount of the pro-rata share; or
2.
As a condition of the issuance of a Certificate of Occupancy, or
earlier as elected by the Developer or Non-Developer.
D.
The payment of a pro-rata share pursuant to this section shall not relieve a Developer or Non-Developer from paying any other charges or fees required by the Township pursuant to any other statute, ordinance or regulation, including, but not limited to the Detention Facilities: Maintenance and repair fees required by § 2-36.4 of the Township Code. § 2-36.4 requires that the following fees shall be paid in addition to the pro-rata share paid pursuant to this section:
For all proposed drainage basins serving a residential community,
the Township shall be responsible for all maintenance (both annual
and perpetual). The following one-time maintenance fees shall be assessed
per unit and put in a separate and dedicated fund, which shall be
used by the Township exclusively for maintenance and repair of such
drainage facilities within the Township:
[Amended 12-9-2021 by Ord. No. 2021-62]
[Ord. No. 2016-43 § 6]
All funds payable by a Non-Developer pursuant to this section,
shall be delivered to the escrow agent. The escrow agent shall maintain
said funds in a non-interest bearing segregated trust account. No
funds, other than funds collected pursuant to this section, shall
be held in said account. The escrow agent, by this section, be required
to provide notice to the Township Manager and Chief Financial Officer
within five days of receipt of any funds. Said notice shall expressly
identify the parties paying same, the amount paid, and the calculation
that supported the amount paid. In the event that there is any dispute
with regard to the amount to be paid, the escrow agent shall bring
same to the attention of the Township Manager and Chief Financial
Officer and shall be bound by their final determination as to the
amount that should be paid.
All monies shall be held by the escrow agent, in trust, unless
and until such time as: (a) the certified developer costs, as same
are defined herein, have been determined; and (b) the escrow agent
shall have received express written authorization from the Township
of Lakewood Governing Body in the form of resolution, expressly authorizing
the release of funds to the Developer.
Absent express authorization from the Township Governing Body
by resolution or by Order of a Court of competent jurisdiction, the
escrow agent shall have no authority to disburse funds.
