215.1.1 CREATION OF FUND.
A fund is hereby created for the purpose of acquiring property and rights-of-way for adequate access to lot splits and subdivisions. The fund shall be known as the Right-of-Way Acquisition and Improvement Fund.
215.1.2 USE OF FUNDS.
Monies deposited in said fund shall be earmarked within said fund to be used exclusively for the acquisition of property or rights-of-way necessary in order to supply adequate access to a particular lot split or subdivision, for building relocation, rehabilitating site improvements, paving costs, condemnation costs, legal, appraisal, sales and other reasonable administrative costs.
215.2.1 ACCESS STANDARDS.
Adequate access shall be determined on the basis of standards set by the City Engineer, and only with his approval and the approval of the City Council may said fund be utilized to allow temporary substandard access rather than permanent adequate access. Approval shall be granted where in the discretion of the City Engineer and City Council substandard access would not create a material hardship and to require immediate standard access would create undue hardship to the developer.
215.2.2 COMPUTATION OF CONTRIBUTIONS.
The City Engineer shall appraise or direct an appraisal as to the cost of future acquisition of the required property or right-of-way. He shall then determine contemplated subdivisions or lot splits which the access shall serve. The applicants receiving the benefit of said access shall then, as a condition of approval of their subdivision or lot split, either supply adequate access or in lieu of this, deposit an amount of money equal to the area of their land benefited by the access divided by the total area of all land benefited by access and available for lot split or subdivision served, times the total cost of contemplated acquisition.
215.2.3 DISPOSAL OF PROCEEDS.
When, in the discretion of the City Engineer, sufficient money is accumulated in said fund for the acquisition of the property needed, said property will be purchased by the City. Any acquired property not needed for access will be sold by competitive bidding and the proceeds of said sale, less the costs set forth in Sec. 215.1.2., plus any monies in excess of acquisition costs shall be refunded to the contributors to the fund in an amount proportionate to that which their contribution bears to the total contribution.