N.J. Admin. Code § 7:50-1.7

Current through Register Vol. 56, No. 11, June 3, 2024

Section 7:50-1.7 - Escrows

(a) Notwithstanding any other provision of N.J.A.C. 7:50-1.6, the Executive Director may request an escrow for development applications or other matters pending before the Commission that involve complex issues which, either because of the need for specialized expertise, necessitate the retention of consultants to assist in the Commission's review, or will require considerable staff review or unusual expenditures, including costs associated with specialized software, equipment, facilities, or services. Should the Executive Director determine that an escrow is necessary:

1. The Executive Director shall notify the entity initiating the matter or the applicant of such determination and the escrow amount to be submitted;

2. Monies submitted pursuant to (a)1 above shall be held in an escrow account and shall be used by the Commission to reimburse any costs it incurs pursuant to (a) above. In the case of an escrow for an intergovernmental memorandum of agreement authorized pursuant to N.J.A.C. 7:50-4.52(c)2, monies submitted shall also be used for developing, implementing, and monitoring such agreement;

3. Should the funds held in escrow be insufficient to defray the costs identified in (a)2 above, the Executive Director will provide the entity initiating the matter or the applicant with a statement of the account and will request from the entity or the applicant the additional amount estimated to be required for the escrow account;

4. At the time that the Commission renders its decision on the matter for a development application, the final municipal approval takes effect pursuant to N.J.A.C. 7:50-4, Part III, or, in the case of an intergovernmental agreement authorized pursuant to 7:50-4.52(c)2 when the monitoring of such agreement is no longer required, the Executive Director shall provide a statement of the account to the entity initiating the matter or the applicant and any funds remaining in the escrow account shall be returned to that entity or applicant;

5. No additional review of the matter or application will occur until the escrow amount requested pursuant to (a)1 or 3 above has been submitted;

6. An entity or applicant who objects to the escrow amount requested pursuant to (a)1 or (3) above shall notify the Executive Director, in writing, within 15 days of receipt of the Executive Director's determination of such objection. Depending upon the basis for the escrow amount, the entity or applicant shall submit with this notification either:

i. An estimate from a qualified professional, having the requisite knowledge and expertise required to address the issues raised by the matter pending before the Commission or the development application, to support the entity or applicant's estimation of the appropriate additional amount to be assessed; or

ii. An estimate of the number of hours the entity or applicant believes are required to complete a review of the matter or development application and the rates and qualifications of professionals with the knowledge and expertise required to conduct such a review; and

7. The Executive Director shall review the information submitted pursuant to (a)6 above and notify the entity or applicant, within 10 days thereof, of the additional amount to be provided.

(b) The escrow requirements in (a) above shall not apply to applications for minor residential development.

N.J. Admin. Code § 7:50-1.7

Amended by 50 N.J.R. 969(a), effective 3/5/2018