§ 110-326. Formula for fees in lieu of land dedication.

(a)

General formula. If there is no city park or city recreational facility designated in the comprehensive development plan to be located in whole or in part within the proposed residential development to serve the immediate and future needs of the residents of the residential development, the developer shall, in lieu of dedicating land, pay a fee equal to the value of the land prescribed for dedication in section 110-325 and in an amount determined in accordance with section 110-328, such fee to be used for city park purposes, which city park will serve the residents of the area being developed.

(b)

Fees in lieu of land. If the proposed residential development contains 50 units, lots, parcels or less, the developer shall pay a fee equal to the land value of the portion of the city park required to serve the needs of the residents of the proposed residential development as prescribed in section 110-325 and in an amount determined in accordance with section 110-328. For individual single-family residential units, which are not located within subdivisions for which fees had previously been paid under this division, the fee shall be $100.00 per unit.

(c)

Use of money. The money collected under this section shall be separately held and accounted for in trust to be used only for the purpose of providing park or recreational facilities reasonably related to serving the residential development by way of the purchase of necessary land or, if the city commission deems that there is sufficient land available for the residential development, for improving of such land for park and recreational purposes.

(Code 1988, § 19-216)