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PARK IMPROVEMENT FUND REVENUE COMMENTARY <br /> • The Park Improvement Fund was established by Chapter 22 of the <br /> City Code to account for park dedication fees received from <br /> persons developing land within the City. All persons developing <br /> land are required by development ordinances to either convery to <br /> the City a portion of land to be used as a park or to pay a fee <br /> in lieu of conveying land to the City. Moniew received may only <br /> be used for the acquisition of land for parks, development of <br /> existing parks and playground sites, public open space, storm <br /> water holding areas; or retirement of debt issued for the above <br /> purposes. The City anticipates receiving $12 , 500 in park <br /> dedication fee in 1994 pursuant to existing development <br /> agreements. This annual dedication of $12 , 500 from the Everest <br /> Development project will expire in 1997 . <br /> • <br /> II <br />