(A) Every tax abatement agreement required by this chapter shall be subject to payment of a nonrefundable escrow in the amount of $1,000 to be paid by the applicant at the time the applicant submits an application. The required escrow shall be used to pay the cost of professional review by the Township Solicitor, Engineer, and other professionals employed by the Township to review and make recommendations regarding the tax abatement agreement.
(B) At the time of submission of an application to the Township, the applicant shall be required to execute an escrow agreement with the Township to cover all necessary and reasonable costs incurred for the technical and professional review of the tax abatement agreement. The amounts specified for escrow are estimates which shall be paid prior to the Township’s review of the tax abatement application. In the event an additional amount is required for more than the amount specified in the escrow agreement, the applicant shall pay all additional sums required prior to the Township’s execution of the tax abatement agreement.
(C) To the extent not otherwise inconsistent with this section, the escrow fee required by this chapter shall be administered by the Chief Financial Officer of the Township in the manner and as set forth generally in the Code of the Township of Voorhees.
(D) The Township Clerk or his/her designee shall maintain an itemized account of the escrow on deposit for each application and shall, upon the request of the applicant, supply a copy of said account.
(Ord. 355-19, passed 10-28-19)