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Tuesday, April 23, 2024

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Wildwood Cuts Builders’ Costs for Construction Projects

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By Press Release

WILDWOOD – In a continuing effort to provide relief to builders constructing projects in the city and spur attractive development, Wildwood officials have reduced the cost of application and escrow fees to the Planning and Zoning boards. 
According to a release, builders will see modest to steep cuts in most of their required subdivisions, site plans and variance applications.
“As neighboring island communities witness a surge of redevelopment, we believe it’s important for the City of Wildwood to do its best to reduce the tax burden on property owners by growing our ratable base. Being business-friendly by providing relief to builders in the fees they are required to pay for construction projects is an appropriate step in the right direction,” stated Mayor Peter Byron.
In addition to the reduced fee schedule in application and escrow fees, the city is eliminating the requirement for builders to provide a performance guarantee. 
Currently, a developer must secure a guarantee in the form of cash, an irrevocable letter of credit, or a bond to ensure that offsite public improvements meet the city engineer’s approval that are reflective of the Planning and Zoning Board requirements. Although performance guarantees will still be required for extensive offsite improvements, such as the installation of roadways, builders can undertake most construction projects without the financial constraints of posting a bond.
Despite no longer requiring a performance bond, a builder will not receive a certificate of occupancy or a temporary certificate of occupancy until all off-site improvements are approved by the city engineer and are in compliance with the Planning and Zoning Board approvals. Builders failing to satisfy the offsite requirements will be subject to fines, penalties and a potential municipal court summons.
Besides the builder being required to meet these conditions before being issued a certificate of occupancy, they will also need to post a maintenance guarantee to ensure that all offsite improvements are appropriately maintained for a two-year period subsequent to the project’s completion. The builder will be required to post 15% of the total cost of the offsite improvements to be used by the city, in case the work fails to be adequately maintained.
“No longer requiring a performance bond is another helpful move in relaxing the overburden regulations facing builders in our city, and with the maintenance guarantee in place, the city is well protected with an effective remedy for any negligent oversights in meeting the offsite improvement standards approved by the Planning Board. I believe it’s a win-win for the city and developers,” stated Byron.

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