[Adopted 5-9-2023 by Ord. No. 23-030]
A. 
An escrow payment of $10,000 is due at the time of filing a PILOT application.
B. 
The application fees, escrow deposits, and other charges contained in this article shall be due and payable to the City at the time of filing the PILOT application.
C. 
All fees will be collected by the Finance Department and transmitted to the proper account of the City of Paterson in a manner as required by law.
A. 
The Finance Director or such subordinate officials as may be designated to act on his behalf of the City of Paterson will make all of the payments to professionals for services rendered to the City of Paterson or approving authority for review of applications, review, and preparation of documents, an inspection of improvements, or other purposes. An applicant shall be responsible to reimburse the City of Paterson for the costs of professional charges for review and/or evaluation of applications, economic analysis, opinions by consultants and third parties, presentations regarding the analysis of the application, review and preparation of documents, and inspections of developments under construction, by outside consultants.
B. 
The application and inspection charges shall include, but not be limited to:
(1) 
Charges for review of applications, evaluation of applications, review, and preparation of documents and inspections of PILOT applications; and
(2) 
For services rendered by review and analysis by outside consultants.
C. 
The applicant shall be required to deposit additional escrow funds when the escrow has been depleted to 20% of the original escrow amount.
D. 
If an escrow account contains insufficient funds to cover the costs of charges for review and evaluation of the application, the Finance Director or such subordinate officials as may be designated to act on his behalf shall provide the applicant with notice of the insufficient balance requesting that the applicant post a deposit to the account in an amount to be stated by the City. The City of Paterson may suspend review of the application until such time as the escrow is replenished.
E. 
After the conclusion of the City's evaluation of the PILOT, the City shall issue a refund for any unused funds in escrow that remain.