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- • ~ -52- • <br />. shall be in cash only and calculated to re- <br />. imburse'the City's actual cost of aquisition <br />' and development of such land for parks. <br />• The cash amount shall be equal to the sum <br />of the average price per acre of such land, <br />and the actual cost of adjacent streets and <br />on-site utilities. Once the City has been <br />reimbursed entirely for all such park <br />lands within a park zone, this Section <br />shall cease to apply and the other Se- <br />ctions of this Ordinance shall again be <br />applicable. <br />b. To the extent that Section a. above is not <br />applicable,. the dedication requirement shall <br />be met by a payment in 1 ieu of land at <br />a per acre price sufficient to aquire <br />land and provide for adjacent streets <br />and utilities for a park to serve the <br />park zone in which such development <br />is located. Such per acre price shall <br />be computed on the basis of $ <br />per dwelling unit. Cash payment may be used <br />only for aquisition or improvement of a park <br />located within the same zone as the develop- <br />ment or subdivision to be served by said <br />park. <br />• 12.06 Special Fund, Right to Refund <br />There is hereby established a special fund for the deposit <br />of all sums paid in lieu of land dedication under this <br />Ordinance or any preceeding ordinance, which funds shall <br />be known as the park land dedication fund. The City shall <br />account for all sums paid in lieu of land dedication under <br />this Ordinance with reference to the individual plats or <br />plans involved. Any funds paid for such purposes must be <br />expended by the City within two years of the date received <br />by the City for aquisition or development of a park. <br />Such funds shall be considered to be spent on a first in, <br />first out basis. If not so expended, the owners of the pro- <br />• perty on the last day of such period shall be entitled <br />