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 one-hundred-percent affordable
development.
COAH or THE COUNCIL
The New Jersey Council on Affordable Housing established
under the Act 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 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 §§ 1,
5, and 6 of P.L. 1973, c. 123 (N.J.S.A. 54:1-35a through 54:1-35c).
The Borough of Franklin Lakes shall complete
and return to COAH all monitoring forms included in 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 the Borough of Franklin Lakes housing program, as well as to
the expenditure of revenues and implementation of the plan certified
by COAH. All monitoring reports shall be completed on forms designed
by COAH.
The ability for the Borough of Franklin Lakes
to impose, collect and expend development fees shall expire with its
substantive certification unless the Borough of Franklin Lakes has
filed an adopted Housing Element and Fair Share Plan with COAH, has
petitioned for substantive certification, and has received COAH's
approval of its development fee ordinance. If the Borough of Franklin
Lakes fails to renew its ability to impose and collect development
fees prior to the expiration of its substantive certification, it
may be subject to forfeiture of any or all funds remaining within
its municipal trust fund. Any funds so forfeited shall be deposited
into the New Jersey Affordable Housing Trust Fund established pursuant
to § 20 of P.L. 1985, c. 222 (N.J.S.A. 52:27D-320). The
Borough of Franklin Lakes shall not impose a residential development
fee on a development that receives preliminary or final site plan
approval after the expiration of its substantive certification or
judgment of compliance, nor shall the Borough of Franklin Lakes retroactively
impose a development fee on such a development. The Borough of Franklin
Lakes shall not expend development fees after the expiration of its
substantive certification or judgment of compliance.