[Adopted 12-12-1989 by Ord. No. 1532 (Ch. 62, Art. I, of the 1990 Code)]
Pursuant to Chapter 112, Land Development, and more specifically the natural resources preservation cluster option ("NRPC"), a developer may obtain a density bonus when certain parcels of land are designated as preservation areas and dedicated to the Township. Certain of those lands so dedicated may contain historic structures. The Township is of the opinion that the purposes of said ordinance may be best served by the sale of such structures subject to appropriate deed restrictions to insure their preservation and maintenance. The Township desires to create a mechanism whereby the proceeds from such sales will be placed into an account to be used solely for purposes consistent with the natural resources preservation cluster option for the purchase and maintenance of parcels of land and historic structures.
All cash realized pursuant to the NRPC option or any similar ordinance which may be adopted in the future or any voluntary cash gifts given for the purpose of the preservation of historic structures and all proceeds from sales of property or lands contributed or dedicated to the Township by developers pursuant to the NRPC option or similar ordinance which may be adopted in the future, which lands may contain historic structures, shall be deposited in a municipal account to be known as "Trust Fund for Contributions Towards the Cost of the Acquisition and Preservation of Historic Structures."
Any expenditures made from the above-mentioned municipal account shall be used solely for the following purposes of the acquisition and maintenance of parcels of land containing or protecting historic villages, historic districts, historic structures or sites; and the acquisition and maintenance of historic structures within the confines of Franklin Township.
The final determination as to the expenditure of funds for the capital purposes aforesaid shall be made by the Township Council of the Township of Franklin. The decision shall be by majority vote of the full authorized membership of the Township Council.