A. A separate fund to be deposited at the highest rate permitted by law to be entitled “Park Fee Fund” shall be and is hereby created and money paid to owners, subdividers, and applicants at the final approval of the subdivision plats in lieu of the dedication land for public park and recreation uses, or may be used for improving, maintaining or operating public park facilities, but may not be used for any other purpose.
B. At such time as the board based upon recommendations of the planning commission determines that there are sufficient funds derived from a certain area in the ‘Park Fee Fund” to purchase useable park land, the board shall cause negotiations to be undertaken to purchase the site by mutual agreement or be condemnation proceedings. In making such determination for the purchase of the site, the conditions of 12-476 of this chapter shall be taken into consideration. (The principal and interest deposited and kept in the “Park Fee Fund” shall be used for the purpose of purchasing land for a public park and recreation uses, or may be used for improving, maintaining, or operating public park facilities, but may not be used for any other purpose.) (Ord. 1992-17A, 2-19-2015; amd. Ord. 2022-8, - -2022)