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Governor Signs Into Law Retroactive Extension of Nonresidential Development Fee Moratorium


August 25, 2011 - Red Bank -The Governor yesterday signed into law legislation that retroactively extends the moratorium on the nonresidential development fee (S-2974). Through prior legislation, an exemption to the 2.5% fee was carved out for nonresidential development that received preliminary or final site plan approval prior to July 1, 2010. The exemption is now extended for projects the received preliminary or final site plan approval prior to July 1, 2013, provided a building permit is obtained prior to January 1, 2015.

If a developer already paid the fee, that developer is entitled to a refund so long as the municipality has not already spent that money. A request for a refund must be made within 120 days. An analysis of municipal fair share plans and affordable housing trust funds would be necessary to determine if the monies had already been spent.

Please visit www.ghclaw.com for additional updates on the Legislation.

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Tags: Craig M. Gianetti, Real Estate, Land Use & Development

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