Public Township Council Meeting — Packet

1. REVENUES FOR CERTIFICATION PERIOD To calculate a projection of revenue anticipated during the period of third round substantive certification, West Orange considered the following: (a) Development fees: 1. Residential and nonresidential projects which have had development fees imposed upon them at the time of preliminary or final development approvals; 2. All projects currently before the planning and zoning boards for development approvals that may apply for building permits and certificates of occupancy; and 3. Future development that is likely to occur based on historical rates of development. (b) Payment in lieu (PIL): Actual and committed payments in lieu (PIL) of construction from developers as follows: (c) Other funding sources: Funds from other sources, including, but not limited to, the sale of units with extinguished controls, repayment of affordable housing program loans, rental income, proceeds from the sale of affordable units and no other funds have been or are anticipated to be collected. (d) Projected interest: Interest on the projected revenue in the municipal affordable housing trust fund at the current average interest rate. 2