[Adopted 3-10-1987]
[Amended 3-20-2000 by L.L. No. 2-2000]
A. 
When the Planning Board, pursuant to § 277, Subdivision 4(c) of the Town Law, determines that a park or recreation area cannot practically be located within a subdivision and it elects to collect a cash deposit in lieu thereof, the amount of such deposit shall be $5,000 for each buildable lot approved.
[Amended 3-21-2005 by L.L. No. 3-2005; 8-6-2007 by L.L. No. 6-2007]
B. 
This section shall apply to all land use permit applications pending before the Planning Board when this section is filed with the Secretary of State. All cash deposits collected by the Town thereafter shall be paid as provided herein.
The Planning Board may, in its discretion, waive said deposit as to an existing lot on which an occupied dwelling exists within the subdivided lands, provided that no parcel shall benefit more than once from said exemption.
This deposit amount shall pertain to subdivision plats for which applications are initially filed after the date hereof.