[Adopted 11-25-2019 by Ord. No. 14-19]
The following terms, as used in this article, shall have the
following meanings:
AFFORDABLE HOUSING DEVELOPMENT
A development included in the Housing Element and Fair Share
Plan, and includes, but is not limited to, an inclusionary development,
a municipal construction project or a 100% affordable development.
COAH or THE COUNCIL
The New Jersey Council on Affordable Housing or a successor
to be established under state law which has primary jurisdiction for
the administration of housing obligations in accordance with sound
regional planning consideration in the state.
DEVELOPER
The legal or beneficial owner or owners of a lot or of any
land proposed to be included in a proposed development, including
the holder of an option or contract to purchase, or other person having
an enforceable proprietary interest in such land.
DEVELOPMENT FEE
Money paid by a developer for the improvement of property
as permitted in N.J.A.C. 5:97-8.3.
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 issuance of a building permit may be obtained
utilizing estimates for construction cost. Final equalized assessed
value will be determined at project completion by the Municipal Tax
Assessor.
Nonresidential development fees shall be collected in accordance
with the New Jersey Statewide Non-Residential Development Fee Act,
N.J.S.A. 40:55D-8.1 through 40:55D-8.8.