N.J. Admin. Code § 19:66-3.4

Current through Register Vol. 56, No. 17, September 3, 2024

Section 19:66-3.4 - Fees and escrow deposits

(a) Any application shall be accompanied by such fees as specified in the then current Escrow and Fee Schedule promulgated by resolution of the Authority, and the Authority shall be entitled to collect from the applicant such costs and fees of professionals, including engineers, planners, and attorneys as may be engaged by the Authority to address the application.

(b) A performance bond or letter of credit may be required for applications submitted and approved in an amount equal to an estimate of the site improvement costs, plus 10 percent. The cost estimate shall be signed and sealed by a New Jersey-licensed professional engineer and shall be subject to approval by the Authority. The security, which may be accepted by the Authority, includes, but is not limited to, surety bonds, letters of credit under the circumstances specified in section 16 of the MLUL, P.L. 1991, c. 256 (N.J.S.A. 40:55D-53.5), and cash.

(c) Whenever conditions are imposed on an approval, a deposit in escrow, or other performance guarantee satisfactory to the Authority and sufficient to meet the cost of implementing such conditions, may be imposed on the applicant. If such conditions are not implemented in accordance with the approval in which the conditions were imposed, the escrow deposit or performance guarantee may be utilized by the Authority to implement the conditions. If the cost of such implementation exceeds the amount in the escrow deposit or other acceptable performance guarantee, the amount in excess shall be assessed against the property upon which the conditions were placed, at the time of implementing the conditions, and a notice of lien upon the subject property shall be filed in the Office of the Atlantic County Clerk. If the cost of implementation is less than the escrow deposit, the Authority shall refund the difference to the applicant. If the applicant implements the conditions within the time period specified by the Authority, the escrow deposit shall be returned to the applicant.

N.J. Admin. Code § 19:66-3.4