As used herein the following terms shall have
the following definitions:
A. "Affordable housing" means any housing unit with an
acquisition price or rent level not exceeding the maximum resale or
rent level for low and moderate income housing as set forth in N.J.A.C.
5:92-1.2.
B. "Council" means the New Jersey Council on Affordable
Housing established under the Fair Housing Act of 1985, and which
has primary jurisdiction for the administration of low and moderate
housing delegations in accordance with sound regional planning considerations
in this state.
C. "Development fees" mean money paid by an individual,
person, partnership, association, company, or corporation for the
improvement of property as permitted in N.J.A.C. 5:92-18 et seq.
D. "Equalized assessed value" means 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 and ratios required by law. Estimates at the
time of building permit may be obtained by the tax assessor utilizing
estimates for construction cost. Final equalized assessed value will
be determined at project completion by the municipal tax assessor.
The Township shall collect 50% of the fee on
any specific development prior to and as a condition of the issuance
of the building permit therefor. The remaining portion shall be collected
prior to and as a condition of the issuance of the certificate of
occupancy. After an issuance of a building permit, the construction
official shall refer the plans for the development to the Tax Assessor.
The Tax Assessor shall certify to the construction official the final
equalized assessed value in advance of the issuance of a certificate
of occupancy by the construction official. The remaining portion of
the development fee shall be adjusted to reflect any change in the
estimated equalized assessed value so that the total of the two payments
shall equal 100% of the total development fee based upon the final
equalized assessed value.
The Township's ability to collect development
fees shall expire with substantive certification unless the Township
has filed an adopted housing element with the Council, petitioned
for substantive certification, and received the Council's approval
of its development fee ordinance.
The Township shall complete and return all monitoring
forms related to the collection of fees, expenditure of revenues,
and implementation of the plans certified by the Council or approved
by the Court. Quarterly financial reports and annual program implementation
and auditing reports shall be completed on forms designed by the Council.
If any part of this article of Chapter
57 of the Code of the Township of Plainsboro shall be held invalid, the holding shall not affect the validity of the remaining parts of this article. If any part of this article is held invalid in one or more of their applications, the rules shall remain in effect in all valid applications that are severable from the invalid application.