A. Indemnification: As a condition to the village distributing land dedications and/or cash contributions in lieu thereof, the appropriate district shall execute an indemnification agreement in the form set forth in section 11-4-12 of this chapter.
B. Distribution: The cash contribution in lieu of land dedication imposed by this chapter shall be collected and held by the village to be used for the purposes set forth in this chapter. Such distributions shall be made not later than April 15, July 15, October 15 and January 15 of all funds received by the village in the prior quarter and accrued interest on all funds shall be the property of the village to be utilized for the administration of this chapter. Such distribution shall be conditioned upon the benefiting district being in compliance with the conditions set forth in subsections A, C and D of this section.
As a condition of distribution of these land dedications and/or cash contributions in lieu of land dedications, the village shall require that the park district, school district, fire/rescue provider, or library district, benefiting from such land dedications and/or cash contributions conduct a needs assessment and adopt a plan for acquisition of land and capital facilities needed to accommodate growth.
C. Annual Report By Benefiting District: Within ninety (90) days of the end of each fiscal year, every benefiting district that receives payments from the village under this agreement shall submit a report to the village describing the manner in which the payments have been used. This report shall include information requested by the village, including, but not limited to: The balance of funds held at the close of the prior fiscal year, the amount of payments received during the fiscal year, the amount expended during the fiscal year, the purpose of the expenditures and to whom paid, as well as the balance of funds held by the benefiting district at the end of the fiscal year. When this agreement provides that money turned over to the benefiting district is to be used for a specific purpose or within a specific time period, the report shall address those issues. If the benefiting district should fail to file such a report with the village, the village may delay the payment of any additional funds due the benefiting district until such time as a full report containing adequate information is transmitted to the village.
D. Needs Assessment; Land And Capital Facilities Acquisition Plan:
1. A needs assessment shall contain the following information for each district (park, fire/rescue provider, school, library):
a. A description of the nature and location of existing park, fire/rescue, school, or library lands and existing capital facilities within each district.
b. An identification of the capacity of each park, fire/rescue facility, school building, library facility or site within the particular district and of the number of students then enrolled in each school building.
c. A projection of the character and location of new development that is expected to occur within each district or village during the succeeding ten (10) year period. The district or village may obtain the information necessary to make this projection from sources such as, but not limited to: municipalities, other units of government, agencies and consultants.
d. An identification of the amount of lands that will be necessary within the district and village in order to accommodate the demands of such projected new development, and an estimate of the public grounds acquisition costs that will be incurred or have been incurred by each district in acquiring such lands.
e. A general description of each classification of capital facilities (including construction, expansion or enhancement of any public facilities and the land improvement, design, engineering and professional costs related thereto) that will be necessary within each district in order to provide adequate capacity for the projected new development, and an estimate of the capital facilities' costs that will be incurred by each district in constructing such capital facilities.
2. Based upon the needs assessment, the park district, the school district, fire/rescue district or library district shall provide the village with an acquisition plan for lands and capital facilities. This acquisition plan shall:
a. Project for a planning period of at least five (5) years, the need for lands and capital facilities within the district or village;
b. Set forth a schedule for the acquisition of such lands and facilities to meet the projected needs (which schedule may be conditioned upon the availability of financing);
c. Indicate the size and general location of the needed lands and facilities;
d. Identify the estimated or incurred costs of acquiring such needed lands and facilities;
e. Set forth the anticipated funding sources for the acquisition of such needed lands and facilities;
f. Determine the feasibility of acquiring the needed lands and facilities based upon the district's current financial condition;
g. Determine the feasibility of acquiring the needed lands and facilities based upon the district's or village's estimate of the revenues (including, without limitation, cash in lieu of land dedication as required by section 11-4-7 of this chapter) pursuant to the plan.
h. The impact on property taxes in the village assuming the plan is implemented.
3. If the village deems it necessary, it may require an updated needs assessment and plan for acquisition of land and capital facilities from the district annually. The failure to require said assessment update shall not invalidate the requirements of this section. (Ord. 2004-708, 4-8-2004)