A. The cash in lieu of land contribution imposed by this chapter shall be collected and held by the village to be distributed in accordance with the standards in this chapter to the appropriate unit of local government and to be used for the purposes set forth in this chapter. Such distributions shall be made only after the village has received a formal written request for release of the accumulated funds.
B. As a condition of distribution of these dedications and/or cash in lieu of land contribution, the village shall require that the school, library or park district benefiting from such dedications and/or fees conduct a needs assessment and adopt a plan for acquisition of land and capital facilities needed to accommodate growth. (Ord. 89-04, 4-3-1989)