Public Township Council Meeting — Packet

2. ADMINISTRATIVE MECHANISM TO COLLECT AND DISTRIBUTE FUNDS The following procedural sequence for the collection and distribution of development fee revenues shall be followed by West Orange: (a) Collection of development fee revenues: Collection of development fee revenues shall be consistent with West Orange’s development fee ordinance for both residential and non-residential developments in accordance with COAH’s rules and P.L.2008, c.46, sections 8 (C. 52:27D-329.2) and 32- 38 (C. 40:55D-8.1 through 8.7). (b) Distribution of development fee revenues: The following procedural sequence for the collection and distribution of development fee revenues is being followed by West Orange and was previously approved by COAH: The Director of Planning and Development will be responsible for the overall management of the fund. The director will supervise the collection of all fees, which will be turned over to the Chief Financial Officer. The Chief Financial Officer will then deposit all fees in a separate interest-bearing housing trust fund. The Township Council will review all fund requests on an as needed basis. The Director of Planning and Development will activate the procedures to disburse funds from the Affordable Housing Trust Fund. The Comptroller will certify as to the availability of funds. Development fees will be paid in part upon issuance of a building permit based on the estimated added value of the project (50 percent of anticipated fees). This estimate will be determined by the Tax Assessor. The Township Construction Official will notify the Tax Assessor when a Certificate of Occupancy (CO) is ready to be issued. Upon completion of construction, the Township Tax Assessor will calculate the equalized assessed value to be added as a result of the project and the remaining amount of the development fee, which is due upon issuance of a CO. No CO will be issued until the Tax Assessor has made this calculation and the entire development fee is paid. The Director of Planning and Development will monitor this process and the Chief Financial Officer will provide reports to the governing body. 3. DESCRIPTION OF ANTICIPATED USE OF AFFORDABLE HOUSING FUNDS (a) Rehabilitation and new construction programs and projects (N.J.A.C.

Financial Officer will provide reports to the governing body. 3. DESCRIPTION OF ANTICIPATED USE OF AFFORDABLE HOUSING FUNDS (a) Rehabilitation and new construction programs and projects (N.J.A.C. 5:97-8.7) West Orange will dedicate $1,663,292.14 to rehabilitation (see detailed descriptions in Fair Share Plan) as follows: 4