A. Fees determined pursuant to Section 16.40.070 shall be paid to the City Finance Director and shall be deposited into the subdivision park trust fund, or its successor. Money in the fund shall be expended solely for acquisition or development of park land, or improvements related thereto. Accrued interest in the fund may be used for maintenance of existing City parks in accordance with Government Code Section 66477.5.
B. Collected fees shall be appropriated by the local agency to which the land or fees are conveyed or paid for in specific project to serve residents of the subdivision in a budgetary year within five (5) years upon receipt of payment or within five (5) years after the issuance of building permits on one-half (½) of the lots created by the subdivision, whichever occurs first.
C. Such fees shall remain deposited with the City until such time the appropriation or project need is determined for the benefit of the residents of the City of Gridley.
(Ord. 824-2016 § 15 (part), 2017)