Division 4

a. The Town may use the money collected under this section only for the purpose of acquiring necessary land and developing new or rehabilitating existing park or recreational facilities reasonably related to serving the subdivision from which the fees are collected.

b. Fees shall be paid to the Town and shall be deposited into the Park Fund. Interest earned by park dedication fees shall be deposited to the Park Fund.

c. Collected fees shall be appropriated by the Town for a specific project to serve residents of the development project in a budgetary year within five (5) years after receipt of payment or within five (5) years after the issuance of building permits on one-half (1/2) of the lots created by the development project, whichever occurs later.

If the fees are not so committed, these fees shall be distributed and paid to the then record owners of the development project in the same proportion in which fees were assessed to each dwelling unit.

d. A report to the Town Council shall be made at least annually on income, expenditures, and status of the special fund.

(Ord. #69-85, §8-6230)

The Town shall develop a schedule specifying when and where it will use the land or fees, or both, to develop park or recreational facilities to serve residents of the subdivision. Such a schedule shall be developed in conjunction with the Town's Capital Improvement Program and revised as necessary. (Ord. #69-85, §8-6231)

32-83.32 Sale of Dedicated Land.

If during the time between the dedication of the land for park purposes and the commencement of first phase development, circumstances arise which indicate that another site would be more suitable for serving the park and recreation needs of the development's residents, the land may be sold and the resulting proceeds used to acquire or construct a more suitable site. (Ord. #69-85, §8-6232)

32-83.33—32-83.39 Reserved.