As a condition of approval of a final plat of subdivision or of a final plat of a planned unit development, each subdivider or developer is hereby required to make a cash contribution for fire district purposes, to be available for the public convenience, health, welfare and services required by the residents of the development in accordance with the following criteria and formula:
A. Disposition Of Contributed Funds: The cash contribution in lieu of land, including interest earned thereon, shall be held in trust by the mayor and city council, for use in acquisition of land for fire and emergency services and other public purposes which will be available to serve the immediate or future needs of the residents of that subdivision or development or for the improvement of other existing fire and emergency services. Monies deposited with the city for the use and benefit of the fire district within the provisions of this section shall be paid to that governmental body upon request, at the time a designation for the use of the funds is approved by the city council. If any portion of a cash contribution in lieu of land is not expended for the purpose set forth herein within ten (10) years from the date of receipt, the mayor and city council shall determine if the original needs still exist. If the needs are determined not to exist, the cash contribution shall be refunded to the current titleholders of the land originally owned by the developer who made such contribution. The city of Prospect Heights finance department, in May and November of each year, shall inform the fire district, by mail, what amount is due to it. Upon receiving verification from the district, the city shall proceed with payment of the funds upon approval by the city council as soon as practicable.
B. Fire And Emergency Services Contribution Fee: As a condition of approval of a final plat of subdivision, each subdivider or developer will be required to pay a cash contribution in accordance with the following formula:
1. Amount Of Fire And Emergency Services Contribution Fee: The amount of the fire and emergency services contribution fee is an amount equal to one and one-half (11/2) years of the projected equalized assessed valuation for the subject property as improved, multiplied by the prior year's tax rate for the fire district. In the event the subject property is included or contemplated to be included within the boundaries of a tax increment financing district, the amount of the fire and emergency services contribution fee is an amount equal to the projected equalized assessed valuation for the subject property as improved, multiplied by the prior year's tax rate for the district, multiplied by the number of years remaining for the existence of the TIF district reduced to the present cash value of the aggregate amount.
2. Held In Trust: The district's cash contribution shall be held in trust by the city for the Prospect Heights fire protection district and disposed of in accordance with the applicable provisions of this section. (Ord. 0-01-13, 6-4-2001, eff. 6-14-2001)