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Publications Events

NJ Assembly Passes Bill to Extend Moratorium on Nonresidential Development Fee

Publisher: Day Pitney Alert
June 25, 2014
Day Pitney Author(s) Craig M. Gianetti

On June 23, the New Jersey Assembly passed Bill A1907, which proposes to extend the now-expired moratorium on the Nonresidential Development Fee. The moratorium on the fee, which is 2.5 percent of the equalized assessed value of a nonresidential project, expired on July 1, 2013. The Bill proposes to extend the moratorium to December 31, 2014. The Bill provides that a developer that has paid the fee after July 1, 2013, can seek a refund of monies, unless that town has already expended the funds for affordable housing projects. A similar bill is currently under consideration by the Senate.