Guarantees and Inspections.
Total Cost of Improvements | Escrow Deposit |
|---|---|
$0—$200,000 | 10% of amount—minimum fee $1,000 |
$200,000—$1,000,000 | $20,000 plus 7% of amount in excess of $200,000 |
$1,000,000—$5,000,000 | $76,000 plus 5% of amount in excess of $1,000,000 |
More than $5,000,000 | $276,000 plus 4% of amount in excess of $5,000,000 |
If the Municipal Agency determines that a proposed development involves unusual or complicated aspects which could result in expenses to the Township in excess of the inspection fees set forth above, the Municipal Agency may, as a condition of, or of any extension of or amendment to, final approval, require the developer to provide an additional escrow deposit. Expenses in excess of the normal inspection fees may be deducted from the escrow deposit. Any balance shall be returned to the applicant upon release of performance guarantees and/or issuance of a final Certificate of Occupancy. In determining the amount of any escrow required, the Municipal Agency may consider: the duration and size of the project; unusual design aspects; the degree and extent of municipal inspection required and the extent of conformity to normal municipal design standards. |
Guarantees and Inspections.
Total Cost of Improvements | Escrow Deposit |
|---|---|
$0—$200,000 | 10% of amount—minimum fee $1,000 |
$200,000—$1,000,000 | $20,000 plus 7% of amount in excess of $200,000 |
$1,000,000—$5,000,000 | $76,000 plus 5% of amount in excess of $1,000,000 |
More than $5,000,000 | $276,000 plus 4% of amount in excess of $5,000,000 |
If the Municipal Agency determines that a proposed development involves unusual or complicated aspects which could result in expenses to the Township in excess of the inspection fees set forth above, the Municipal Agency may, as a condition of, or of any extension of or amendment to, final approval, require the developer to provide an additional escrow deposit. Expenses in excess of the normal inspection fees may be deducted from the escrow deposit. Any balance shall be returned to the applicant upon release of performance guarantees and/or issuance of a final Certificate of Occupancy. In determining the amount of any escrow required, the Municipal Agency may consider: the duration and size of the project; unusual design aspects; the degree and extent of municipal inspection required and the extent of conformity to normal municipal design standards. |