Wildwood Proposes Change in Application, Escow Fees to Spur Development

WILDWOOD COMMISSIONERS PROPOSE AMENDMENT
OF APPLICATION AND ESCROW FEES TO ENCOURAGE DEVELOPERS
WILDWOOD – In the hopes of stimulating development within city borders, Commissioners today (May 12) proposed reduction of development application and escrow fees.
Currently, the basic application fee for a development application, intended to cover administrative expenses, is $500; under the proposed ordinance, that fee will be lowered to $300. The current escrow fee, intended to cover costs of the city’s professional services such as engineering, planning, legal and other expenses, is $1,000; that would be lowered to $500.
Commissioners hope that the lowered amounts will be more manageable for potential developers, incentivizing healthy economic growth in the city.
Mayor DeMarzo remarked, “One of the objectives in our multi-point initiative program is to become more business friendly by lowering the cost of doing business with the city. In turn, this will attract investors and investments which will benefit the entire community.”
Planning Board Secretary Joyce Russell believes that the fee markdown will help attract developers. “In the present economy, lowering fees is entirely necessary,” Russell said.
In addition to administrative and professional review fees, minor site plan escrow fees will be lowered from $3,000 to $2,000; major site preliminary plan escrow fees will be reduced from $4,000 to $2,000; and final site plans will be lowered from $3,000 to $2,500.