§ 19-706. Use of money paid in lieu of dedicating of land.

A.

A separate fund to be deposited at the highest interest rate permitted by law to be entitled "park fee fund" shall be and is hereby created and the money paid in by owners, subdividers, and applicants at final approval of subdivision plats in lieu of the dedication of land and interest thereon, shall be held in such fund in trust to be used solely and exclusively for the purpose of purchasing or improving public neighborhood park and recreational land in the general area in which the subdivision is located.

B.

At such time as the Council, based upon the recommendations of the Board of Parks Commissioners, determines that there are sufficient funds derived from a certain area in the park fee fund to purchase usable parkland, the Council shall cause negotiations to be undertaken to purchase the site by mutual agreement or by condemnation proceedings. In making such determination for the purchase of said site, the conditions of section 19-705 above shall be taken into consideration. The principal and interest deposited and kept in the park fee fund shall be used solely for the purpose of purchasing land or providing improvements for public neighborhood park and recreation uses, as provided in subsection C. and shall never be used for maintaining or operating public park facilities, or for any other purpose.

C.

The use of funds for park improvements, as provided in subsections A. and B. above described, may occur only when a neighborhood park has reached its maximum size or is otherwise surrounded by existing development. The City Council, upon the recommendation of the Board of Parks Commissioners, may utilize any new park fee dedications, including accrued interest, to construct park improvements within that neighborhood park.

(Ord. No. O-7576-21; Ord. No. O-9394-46; Ord. No. 0-0001-15)