The Administrative Board for Planning and Zoning Appeals and the Recreation Board may, upon proper application by a person, firm or corporation required to pay fees for the issuance of a building permit under this chapter, accept a donation of a parcel or tract of land for park sites in lieu of the payment of such fees.
The Administrative Board for Planning and Zoning Appeals and the Recreation Board, acting jointly, shall devise a formula that is fair and equitable for the valuation of land to be donated in lieu of the payment of fees, as provided in this chapter. No person, firm or corporation shall be permitted to donate land in lieu of the payment of fees under this chapter except upon the joint approval of the Boards.
Any time the Boards decide to accept a donation of land in lieu of the payment of the fees provided under this chapter, such Boards may enter into a contract with any person, firm or corporation to which such building permits are to be issued, providing for the issuance of such building permits without the payment of such fees, and further providing that the amount of the fees not paid shall be credited towards the acquisition value of the specific parcel of land to be donated to the Municipality under such agreement when fees equaling the full value of such land are due to the Municipality, provided, however, that any person, firm or corporation making such agreement with such Boards shall be required to furnish to the Municipality a performance bond guaranteeing the specific performance of such contract or payment of an amount of money equal to the fees for the issuance of the building permits which are to be remitted on condition of the donation of such land under all conditions when the land is not donated in a reasonable time. Such performance bond shall be approved by the Boards, acting jointly, before any building permit may be issued without the payment of the fees provided under this chapter.
(Ord. 600. Passed 4-8-69.)