No person shall remove any public tree without replacing such tree with a tree or trees of equivalent dollar value in the vicinity of the removed tree. The value of trees shall be determined by the Tree Board in accordance with regulations considering the species, location, size and condition of trees adopted by the Tree Board, if no suitable location exists in the vicinity of the tree removed or if the replacement tree is of lesser value, the person causing the tree to be removed shall make a compensatory payment to the city equal of the difference in value between the tree removed and any replacement tree. Such compensatory payment shall be paid into a fund established by the Director of Finance and used solely for the purpose of enhancing the community forest.