§ 22-40. Special fund; right to refund.

(a)

There is hereby established a special fund for the deposit of all fees in lieu of park land dedication. collected under this article, which fund shall be known as the park land dedication fund. Within the fund, fees paid shall be earmarked for acquisition of new neighborhood parks or for improvements in existing parks generally located within one-half (½) to one (1) mile of the residential subdivision upon which the fee is imposed.

(b)

There is hereby established a special fund for the deposit of all park development fees collected under this article, which fund shall be known as the park development fund. Within the fund, park development fees paid shall be earmarked for expenditure on park improvements in a neighborhood park generally located within one-half (½) to one (1) mile of the subdivision in which the dwelling unit for which the fee is paid is located.

(c)

All fees in lieu of park land dedication and all park development fees paid must be expended within ten (10) years from the date of receipt for park facilities benefiting the residential subdivision or dwelling unit for which the fees are paid. Fees shall be considered expended if they are spent for acquisition or development, respectively, of neighborhood parks located within one-half (½) to one (1) mile of the subdivision for which the fees were paid within the ten-year period. If fees are not expended within such period, the developer/owner shall be entitled to a refund of the principal deposited by the developer/owner in such fund, together with accrued interest. The developer/owner must request such refund in writing within three hundred sixty-five (365) days of entitlement or such right shall be waived.

(d)

Interest accruing to the park land dedication fund and to the park development fund shall be expended on neighborhood park land acquisition and for neighborhood park improvements, respectively.

(Ord. No. 98-039, § I, 2-17-98)