8-3-103. USE OF PARK IMPACT FEES.
(1) The revenues from park impact fees collected within the service area and accrued interest on such revenues shall be used to finance project costs of qualifying park improvements located within the same service area.
(2) Qualifying park improvements are limited to capital improvements with a useful life of ten years or more that are identified in the adopted Capital Facilities Plan for park impact fees.
(3) Park impact fee revenues may be used to pay for acquisition of park sites; park site development costs, including grading, utilities, landscaping, lighting, fencing, signage, and construction of parking facilities; acquisition, construction, and installation of park facilities and equipment; or other similar improvements, including the principal, interest, and other financing costs of bonds, notes, or other obligations issued by or in behalf of the City to finance qualifying improvements.
(4) Monies collected as park impact fees shall not be used to pay for any of the following:
a. Construction, acquisition, or expansion of public facilities other than qualifying park improvements; or
b. Replacement, repair, operation, or maintenance of existing park facilities or capital equipment.