(a) Any land acquisition fee or impact fees which are received by the City pursuant to this chapter shall be used only for the purpose of providing parks, recreational facilities, and public open spaces. Fees paid pursuant to this chapter shall be deposited in a Parks and Recreational Capital Improvement Fund to be used for requisition, development and improvement of such lands. No part of such land acquisition fees or impact fees shall be used for operation or maintenance of such lands.
(b) Land acquisition fees and impact fees received may be only expended in connection with the acquisition or development of parks, recreational facilities or public open space within the reasonable proximity of the development or subdivision which was the source of the payment of the land acquisition fee.
(c) During the period of time that the land acquisition fee and impact fee levied by this section is collected, the legislature of the City shall appropriate annually from other municipal tax sources, a sum of money which shall be prorated among the parks located within the City.
(d) Reasonable proximity shall mean that the recreational facility, park or public open space and the subdivision or development concerned are in the same recreational district as described in the London City Park and Recreation Plan.
(Ord. 115-03. Passed 10-2-03.)