A. The park infrastructure fund is established. The city shall deposit all revenues generated by the park impact fee, and any interest earned on the fund balance, into the fund.
B. The city shall use the park infrastructure fund to:
1. Finance the design, construction, installation, improvement, and acquisition of park facilities for neighborhood parks within two miles of the development project, community parks within five miles of the development project, and regional and citywide park facilities located anywhere in the city.
2. Reimburse the city for the costs of administering the park impact fee, the park infrastructure fund and this article.
3. Reimburse landowners and holders of development credits for costs incurred to construct park facilities as provided in section 18.56.240. (Ord. 2017-0011 § 2)