This chapter establishes standards for the collection, maintenance,
and expenditure of development fees in accordance with the Fair Housing
Act of 1985, N.J.S.A. 52:27D-301 et seq., the Statewide Nonresidential
Development Fee Act, N.J.S.A. 40:55D-8.1 through 40:55D-8.7 and precedent
of the New Jersey Supreme Court authorizing mandatory development
fees.
The following terms, as used in this chapter, 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.
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.
EQUALIZED ASSESSED VALUE
The assessed value of a property divided by the current average
ratio of assessed to true value for the municipality in which the
property is situated, as determined in accordance with sections 1,
5, and 6 of P.L. 1973, c. 123 (N.J.S.A. 54:1-35a through N.J.S.A.
54:1-35c).
GREEN BUILDING STRATEGIES
Those strategies that minimize the impact of development
on the environment, and enhance the health, safety and well-being
of residents by producing durable, low-maintenance, resource-efficient
housing while making optimum use of existing infrastructure and community
services.
Town of Belvidere shall comply with all monitoring requirements
related to the collection of development fees from residential and
nonresidential developers, payments in lieu of constructing affordable
units on site, funds from the sale of units with extinguished controls,
barrier free escrow funds, rental income, repayments from affordable
housing program loans, and any other funds collected in connection
with Town of Belvidere's housing program, as well as to the expenditure
of revenues and implementation of the plan.