Memorandum

August 6th, 1999

To: Friends of the Weehawken Waterfront

From: Susannah Shepherd

Re: Escrow Fund

The Land Development Review Chapter of the Township of Weehawken empowers the town, at it’s discretion, to require a developer to provide funds to an escrow account in order for the Town to pay for professional services to review the developer’s plan:

"Each applicant for a major subdivision or site plan shall deposit with the Township, to be held in escrow, as hereinafter provided, a sum determined by the Administrative Officer, after consultation with the Board’s professional consultants, to be sufficient to defray the Township’s reasonable and necessary costs for professional services in reviewing the application. The amount of such escrow shall be determined within thirty (30) days after the submission of an otherwise complete application or an application shall not be declared complete until such escrow fund has been deposited. The escrow fund shall be in cash unless the amount thereof is greater then ten thousand ($10,000) dollars in which event it may be by letter of credit in a form satisfactory to the Planning Board Attorney. The escrow fund shall be deposited into a separate trust account by the Township and, if the amount thereof is greater than five thousand ($5,000) dollars, it shall be deposited in an interest bearing account with interest accruing for the benefit of the applicant. Disbursements may be made from the escrow fund only after approval by the Township Council of duly submitted vouchers for the reasonable and necessary charges for professional services rendered in connection with the application." 22-11 paragraph g