An Ordinance Of The Township Of Lakewood, County Of Ocean, State Of New Jersey, Amending And Supplementing Chapter II Of The Revised General Ordinances Of The Township Of Lakewood, Entitled “Administration”, By Repealing Section 2-49 (Rent Control Board), Inclusive, In Its Entirety.Residents wondered why is the township looking to get rid of the rent control board? Read more at Yudelstake.
Another Ordinance up for second reading repealing section 18-506 of the Oak street corridor in its entirety and replacing it.
An Ordinance Of The Township Of Lakewood, County Of Ocean, State Of New
Jersey, Amending And Supplementing Chapter XVIII, Entitled “Unified
Development Ordinance”, By Repealing Section 18-506, Entitled “Oak Street
Corridor Improvement District” In Its Entirety, And Replacing It With New Section 18-506 Entitled “Oak Street Corridor Improvement District
section 18-506 as it is now in the township code.
18-506 Oak Street Corridor Improvement District.
18-506.1 Purpose and Intent
The Oak Street district properties will be developed as a residential community and will require the installation of certain improvements identified on a plan prepared by FWH Engineers entitled “The Oak Street Corridor Improvement Plan” dated August 4, 2014 as may be revised from time to time and approved by the Township Engineer.
Owners of the Oak Street district properties who desire to develop their properties have indicated that they would construct the improvements for the project provided there is a process and procedure by which they will be reimbursed for a portion of the cost of the improvements from owners of the district properties who develop their properties in the future.
(Ord. No. 2015-61)
The following words, terms and phrases, shall have the meanings respectively ascribed to them in this section, unless the context clearly indicates otherwise.
Township - The Township of Lakewood, County of Ocean, State of New Jersey. (Ord. No. 2015-61)
Cost - The actual cost as to design and construct improvements which costs shall include but not be limited to design fees, including surveying, engineering and environmental studies, reports and plans, insurance premiums, management fees, consultation fees for professionals required for the development of the property, plans, studies and investigations and reports as required by the Township of Lakewood, and any other lender providing financing for the improvement, construction costs, including labor and materials, application fees, inspection fees, and performance and maintenance bond expenses. (Ord. No. 2015-61)
Developer - The party responsible for paying the costs of the improvements. The term developer includes the Township should the Township incur any past or future costs in connection with the improvements. (Ord. No. 2015-61)
Improvements - Storm water collection, storage and management system, sanitary sewer lines and appurtenances, potable water lines, including hydrants and appurtenances, roadways, curbs, off-site improvements such as traffic signals, sidewalks, recreation elements, the installation of electric service, including street lighting, natural gas lines and cable installation and the proportion share of the installation of the traffic light at Broadway and Route 9 as required by the Township. (Ord. No. 2015-61)
(Ord. No. 2015-61)
18-506.3 Description of District
The Oak Street Corridor Improvement District is hereby established and is comprised of the area set forth on the maps and plans by FWH Engineers entitled “The Oak Street Corridor Improvement Plan.” The district as shown on the map attached as Exhibit A and includes the properties listed in Exhibit B attached. (Ord. No. 2015-61)
Editor's Note: Exhibit A and Exhibit B may be found in the Township offices.
18-506.4 Reimbursement Provisions
Total financing of the Oak Street Corridor project as established by this section shall be the responsibility of the project developers and any costs expended by the developers and the Township shall be reimbursed through the escrow process as described herein.
Two (2) escrow accounts shall be established and maintained by the Township for costs associated with this project for reimbursement to developers and to the Township on a pro rata basis. The pro rata basis is determined by calculating the entire cost of the improvements divided by the pro rata share of property ownership by the various property owners.
One account for the reimbursement of monies expended by the developers shall be maintained by the Township Construction Office. The second account shall be for reimbursement to the Township for costs expended by the Township for items such as property acquisition and bonding which has already been appropriated and expended. This account shall also be maintained by the Township Construction Office.
Purchasers of property from the developers will be required to reimburse the developers and the Township on a pro rata basis as set forth above for costs expended by the developers and the Township. No building permit shall be issued by the Township unless and until total reimbursement on the pro rata formula established by this section is complete.