Sec.8-119jj-28. Terms and conditions

Latest version.

(a) A developers' fee may be established at up to 10% of the total development cost, less the cost of land, or $100,000, whichever is less.
(b) The fee schedule shall be determined as follows:
Percent of Fee
Key Event
10%
Preliminary Application
15%
Final Application
25%
Construction Start
50%
Construction Completion
(c) Developer's fees are earned based on the schedule established for completing key events in the development process, as approved by the Commissioner.
(d) Developers shall only earn a fee for those key events that are completed according to the established schedule. Developers may not be entitled to earn a fee for key events completed after the established schedule. Developers shall earn, but not receive, any fee, until completion of the housing development.

(Effective December 27, 1990)

                    
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Percent of Fee	Key Event
10%	Preliminary Application
15%	Final Application
25%	Construction Start
50%	Construction Completion