§ 1115.03  RESERVATION OF OPEN SPACES - OTHER DEVELOPMENT.
   (A)   Parks/recreation expansion fee. A developer/subdivider/owner of land in any zone not listed in § 1115.02 shall contribute 5% of the appraised value of the land to the city, such fees to be paid by the developer/subdivider/owner prior to the issuance of any building permit. The city may accept the cash payment in accordance with the following formula: the City Manager shall appoint an appraiser to determine the fair market value of the land to be developed. The developer/subdivider/owner shall pay the appraisal fees. If the developer/subdivider/owner does not agree with the appraisal, the developer/ subdivider/owner may have another appraisal made by an appraiser approved by the City Manager, which shall be reviewed by the city prior to establishing the fair market value of the land to be developed.  The city may accept a donation of land in lieu of a cash payment upon mutual agreement to the city and the developer/subdivider/owner of land.
   (B)   Existing lots. As to any existing lots in the zones listed hereinabove where the final plat has been released but the parks/recreation expansion fee has not been paid, the developer/subdivider/owner shall pay the parks/recreation expansion fee established in § 1115.03(A) for each unit upon application for a building permit.
   (C)   Deposit of funds. Upon receipt of the parks/recreation expansion fee per § 1115.03(A), the city shall deposit 50% of such funds to the Parks and Recreation Expansion Fee Fund No. 218 to be used for the acquisition of passive green space; and deposit 50% of such funds to the Parks and Recreation Trust Fund No. 816 to be used for the acquisition of park land and new recreation facilities.
   (D)   Allocation of funds.  On or before January 31 of each year the city shall deposit from its general fund the following:
      (1)   To the Parks and Recreation Expansion Fee Fund No. 218, an amount equal to the payments to that fund per § 1115.03(A) and (B) during the preceding calendar year;
      (2)   To the Parks and Recreation Trust Fund No. 816, an amount equal to the payments to that fund per § 1115.02(A) and (B) during the preceding calendar year.
   (E)   Allocation prior to effective date. On or before June 1, 1998, the city shall pay from its general fund the following:
      (1)   To the Parks and Recreation Expansion Fee Fund No. 218, an amount equal to the payments to that fund per § 1115.02(A) and (B) prior to the effective date of this  section.
      (2)   To the Parks and Recreation Trust Fund No. 816, an amount equal to the payments to that fund per § 1115.02(A) and (B) prior to the effective date of this section.
(Ord. 7497, passed 4-14-98; Am. Ord. 9364, passed 7-25-06)