Any and all fees collected pursuant to the provisions of this subchapter may be utilized for the following purposes only by the town, acting by and through its Town Council, which, for the purpose of this subchapter is identified as the “infrastructure agency” contemplated by I.C. 36-7-4-1317:
(A) Providing funds to be utilized by the town for the purpose of paying the capital costs of new park and recreational infrastructure that is necessary to serve the new development within the corporate limits of the town and that is identified in the Zone Improvement Plan;
(B) An amount not to exceed 5% of the annual collections of the fee to be utilized for expenses incurred by the town for the consulting services used to establish this subchapter;
(C) To pay any refund due pursuant to the terms of this subchapter; and
(D) To pay the debt service cost on an obligation issued to provide new park and recreational infrastructure described in division (A) above.
(Ord. 30-2022, passed 6-27-2022)