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Zoning Ordinance. <br />1007.070. Where private open space for park and recreation <br />purposes is provided in a proposed subdivision and such space is to be <br />privately owned and maintained by the future residents of the <br />subdivision, such areas may be used for credit at the discretion of the <br />City Council against the requirement of dedication for park and <br />recreation purposes, provided the City Council finds it is in the public <br />interest to do so and that the following standards are met: <br />(a) That yards, court areas, setbacks and other open space <br />required to be maintained by the zoning and building <br />regulations shall not be included in the computation of <br />such private open space; and <br />(b) That the private ownership and maintenance of the open <br />space is adequately provided for by written agreement; <br />and <br />(c) That the private open space is restricted for park and <br />recreational purposes by recorded covenants which run <br />with the land in favor of the future owners of property <br />within the tract and which cannot be eliminated without <br />the consent of the City Council; and <br />(d) That the proposed private open space is reasonably adaptable <br />for use for park and recreational purposes, taking into <br />consideration such factors as size, shape, topography, <br />hydrological, geology, access and location of the private <br />open space land; and <br />(e) That facilities proposed for the open space are in substantial <br />accordance with the provisions of recreational element of <br />the Comprehensive Plan, and are approved by the City <br />Council; and <br />(f) That where such credit is granted, the amount of credit shall <br />not exceed twenty -five (25) percent of the park land <br />dedication requirements for the development. <br />1007.080. The City shall maintain a separate fund into which all <br />cash contributions received from owners or developers in lieu of <br />conveyance or dedication of land for park or playground, public open <br />space or trail purposes shall be deposited and shall make, from time to <br />time, appropriations from such fund for acquisition of land for park and <br />playground purposes, for developing existing park and playground sites, <br />for public open space and trails, or for debt retirement in connection <br />with land previously acquired for parks and playgrounds, which will <br />benefit the residents of the City. <br />1007.090. Time of Payment or Contribution: The scheduling of <br />dedication and /or cash payments shall be established in a development <br />- 2 5 - <br />