(A) Fees pursuant to §§ 10-2.1306 and 10-2.1308 shall be paid to the City and shall be deposited into the subdivision park trust fund, or its successor. Money in said fund, including accrued interest, shall be expended solely for acquisition, development, or rehabilitation of park land or improvements related thereto.
(B) Collected fees shall be appropriated by the city to which the land or fees are conveyed or paid for a specific project to serve residents of the subdivision in a budgetary year within five years upon receipt of payments or within five years after the issuance of building permits on one-half of the lots created by the subdivision, whichever occurs later.
(C) If such fees are not so committed, these fees shall be distributed and paid to the then record owners of the subdivision in the same proportion that the size of their lot bears to the total area of all lots in the subdivision.
(D) The City Director of Financial Services shall report to the city at least annually on income, expenditures, and status of the subdivision park trust fund.
(Ord. 951 C.S., passed 3-21-18)