Development Fees Ordinance 06-34

This document pertains to Ordinance No. 06-30, regarding development fees in the City of Ocean City, Cape May County, New Jersey, specifically related to the Third Round Certification process. The ordinance establishes rules, regulations, and standards governing land zoning, setting forth a development fee to be applied by the Planning Board, Zoning Board, and the Governing Body in the development of land. The ordinance outlines fees for residential and non-residential developments, exemptions, and the establishment of an affordable housing trust fund. The ordinance specifies a fee of one percent of the equalized assessed value for residential development where no increased density is permitted, and six percent for each additional unit when an increase in residential density is allowed. Non-residential developers are subject to a one percent fee on the equalized assessed value. The collected fees are designated for low- and moderate-income housing initiatives, and the city is required to have an approved spending plan from the Council on Affordable Housing (COAH) before disbursing funds. The ordinance was passed on November 16, 2006. COAH approved the amended ordinance with a revision on November 1, 2006, mandating its adoption within 45 days of the grant of the third round substantive certification and requiring filing with COAH within seven days of adoption. The ordinance was originally introduced on October 2, 2006.