• MOVING TOWARDS CONSISTENCY Amendments to The Municipal Land Use Law, N.J.S.A. 40:55d-53, Bond Requirements
  • April 18, 2018 | Author: Meryl A.G. Gonchar
  • Law Firm: Sills Cummis & Gross P.C. - Princeton Office
  • During his last day in office, Governor Christie signed into law Assembly Bill 1425/Senate Bill 3233, which implement major reforms to the requirements for performance and other bonds posted in connection with municipal land use approvals under the Municipal Land Use Law (N.J.S.A. 40:55D-1 et seq. (“MLUL”). The amendments were intended to bring greater consistency in calculating performance bonds under N.J.S.A. 40:55D-53 and to introduce other modifications to the development process to address practices that resulted in cost and delay and to codify useful practices. Rather than viewing these amendments as either pro-municipality or pro-developer, the amendments should be viewed as an effort to create consistency such that a developer working in multiple municipalities is not faced with disparate bonding requirements in each municipality and has the ability to anticipate its costs relative to guarantees and inspection fees