(A) All parkland dedication fees will be deposited in a fund specifically dedicated to the purchase and/or acquisition of parks in the city. All park development fees will be deposited in a fund specifically dedicated to the improvement and/or development of parks in the city.
(B) The city shall account for all fees in lieu of land dedication and all park development fees paid under this subchapter with reference to the individual plat(s) involved. Any fees paid for such purposes must be encumbered or expended by the city within ten years from the date received by the city for purchase, acquisition, development, and/or improvement of a park as required herein. Such funds shall be considered to be spent on a first-in, first-out basis.
(C) The developer of the property on the last day of the ten-year period shall be entitled to a pro rata refund that includes the original contribution, computed on a per dwelling unit basis, if the fees are not encumbered by contract or purchase order, expended, or if the property under which fees were paid has not received benefit from a park acquired or developed within the city with the fees paid. The property owner of the property must request the refund in writing, within one year of entitlement, or the right shall be deemed permanently waived. Any interest earned with these funds shall remain in these funds and be used for the fund's intent.
(Ord. 180327B, passed 3-27-2018)