[HISTORY: Adopted by the City Council of the City of Atlantic City 8-11-2004 by Ord. No. 79-2004. This ordinance was vetoed by the Mayor 8-23-2004, and said veto was subsequently overridden 9-8-2004. This ordinance consequently became effective 9-28-2004. Amendments noted where applicable.]
A dedicated fund will be established for each project wherein the City acts as the redevelopment entity.
The chosen developer by the redevelopment entity will deposit toward the anticipated expenses for professional services a separate fund to be placed in an escrow account pursuant to N.J.S.A 40:55D-53.1 et seq.
The amount to be deposited shall be reasonable in regard to the scale and complexity of the development, and the initial deposit shall be established by separate ordinance for each particular project.
Each payment charged to the deposit for review of applications an§ preparations of documents and inspection of proof of improvements shall be pursuant to a voucher from the professional, which voucher shall identify the personnel performing the service, and for each day the service is preformed, the hours spent and the hourly rate for expenses incurred.
The municipality shall establish a close-out procedure for any remaining funds on deposit in the escrow account following the redevelopment entity's granting of the final approval.