A.
There are hereby created escrow accounts, the purpose of which is to defray the costs of operation of the Planning Board and Board of Adjustment. The fees paid into the escrow account shall apply regardless of whether the application is heard before the Planning Board or the Board of Adjustment.
B.
Escrow agreement; payment of fees.
(1)
Before submitting an application for development to either the Board of Adjustment or Planning Board, hereinafter "approving authority," the applicant shall be required to make a deposit with the Borough Treasurer as hereinafter provided and execute an escrow agreement to defray the cost to the Borough of all necessary and reasonable costs incurred for technical and professional review and/or testimony, including but not limited to engineering and legal fees and expenses, by the approving authority. Said escrow agreement shall be in a form approved by the Borough Council.
(2)
The amounts specified for the escrow accounts are estimates of fees. Said fees must be paid prior to certification by either board of a complete application. All fees required by this section shall be paid prior to the application of any applicant being considered complete; provided, however, that payment of the fee in and of itself shall not be deemed to make the application complete. In the event that the amounts required to be deposited by this section are not sufficient to cover the professional charges to the Borough of Caldwell, the Planning Board or the Board of Adjustment is hereby granted the power to request additional funds as provided hereinafter. In the event that the amounts deposited in escrow shall be in excess of the amount required for all professional review and charges, the excess funds plus any accrued interest shall be returned to the applicant within 30 days of the submission of the final invoice by the Borough professionals with regard to said application.
[1]
Editor's Note: For provisions pertaining to escrow accounts in excess of $5,000, see N.J.S.A. 40:55D-53.1.