The Common Council finds that the existing park and recreational facilities of the City are available to, and used by, residents of the City. The provision of adequate park and recreational facilities for both active and passive recreational pursuits is necessary and appropriate for the health, safety and well-being of existing and future residents. The Common Council further finds that residential development within the City places great demands on the City's park and recreational facilities. Therefore, the Common Council determines that, where the Planning Commission makes a finding that a proper case exists for requiring parkland on site plans or subdivision plats containing residential units, but that it is impractical to locate such land on the site plan or subdivision plat, it is in the best interests of the residents of the City that the applicant contribute a recreation fee in the amount set forth in the Consolidated Fee Schedule maintained by the office of the City Clerk. The Common Council further determines that the provisions of this section are consistent with Sections 27-a and 33 of the General City Law.
A. 
In the event the Planning Commission determines pursuant to § 575-56G or 510-17A of the City Code that a payment of a fee to the City in lieu of land for parkland or recreational purposes is required, the fee shall be in the amount as set forth in the Consolidated Fee Schedule maintained by the office of the City Clerk.
B. 
All funds collected pursuant to this section shall be deposited into a trust fund to be used by the City exclusively for park or other recreational purposes, including the acquisition of property.