POLICY STATEMENT 65

RECREATION PAYMENT-IN-LIEU FUNDS FOR PARKS AND GREENWAYS

Prepared by: R. Wayne Mingis

Adopted by Council: 6/22/89

Effective: 6/22/89

Purpose

To establish a policy designating separate accountability of a specific percentage of recreation payment-in-lieu revenues for parks and for greenways.

Coverage

This policy, upon approval by the Town Council, shall be applicable to all revenues received for recreation payment-in-lieu as established in the Land dedication Ordinance (Code of Ordinances, Article 3, Section 90).

Policy

A. All payments-in-lieu collected will be designated and deposited in separate accounts for parks and greenways acquisition and construction as follows:

 

1. 90 percent of all payment-in-lieu will be deposited into an account for parks and recreation projects.

 

2. 10 percent of all payments-in-lieu will be deposited into an account for greenway projects.

 

B. For each payment received, the Finance Department will be responsible for assuring that the funds are deposited in separate accounts on the 90 percent - 10 percent basis.

C. All funds will be subject to annual appropriation by the Town Council and administered in accordance with the Land Dedication Ordinance.

D. Lands acquired through the Land Dedication Ordinance will be designated for parks or greenways at the time of acceptance by the Town Council. In order to best meet the needs of both parks and greenways, no pre-determined percentage will be utilized to divide acreage between parks and greenways. All lands acquired will become a part of the total town holdings.