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purposes is provided in a proposed subdivision and such space is to <br />be privately owned and maintained by the future residents of the <br />subdivision, such areas may be used for credit at the discretion of <br />the City Council against the requirement of dedication for park and <br />recreation purposes, provided the City Council finds it is in the <br />public 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 <br />adaptable for use for park and recreational purposes, <br />taking into consideration such factors as size, shape, <br />topography, hydrological, geology, access and location of <br />the private open space land; and <br />(e) That facilities proposed for the open space are in <br />substantial accordance with the provisions of <br />recreational element of the Comprehensive Plan, and are <br />approved by the City Council; and <br />(f) That where such credit is granted, the amount of credit <br />shall not exceed twenty -five (25) percent of the park <br />land dedication requirements for the development. <br />1007.080. The City shall maintain a separate fund into which <br />all cash contributions received from owners or developers in lieu <br />of conveyance or dedication of land for park or playground, public <br />open space or trail purposes shall be deposited and shall make, <br />from time to time, appropriations from such fund for acquisition of <br />land for park and playground purposes, for developing existing park <br />and playground sites, for public open space and trails, or for debt <br />retirement in connection with land previously acquired for parks <br />and playgrounds, which will 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 <br />development agreement between the City and subdivider. <br />1007.100. Amount to be Dedicated: For all development or <br />1007 -2 <br />9 <br />