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For the purpose of furthering redevelopment within the RROD, projects approved under the provisions of the RROD shall pay a one time fee of $100.00 per bed. This fee shall be paid to the City at the time that building and zoning permits are issued. Funds paid to the City for this purpose shall be deposited into a separate and specific fund to be used by the City or its designee to acquire, demolish, rehabilitate existing residential units or vacant land within the RROD or within areas located adjacent (within 500 feet of the RROD boundary line) in which the fee was collected. Such funds may also be used to assist with the construction, reconstruction or maintenance of city utilities and infrastructure within the RROD in which the fee was collected. The use of these revenues shall be at the discretion of the City.
(Ord. 2011-38. Passed 05-18-11).