Title
Resolution providing for the creation of the Open Space Trust Fund and setting conditions for the deposit and expenditure of such funds.
Body
Be it resolved that the Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The City Controller is hereby authorized and directed to create a trust fund entitled the “Open Space Trust Fund” into which shall be deposited funds paid to the City by developers in lieu of dedication of an open space. The amount of the deposits are based upon the value of the land that would otherwise be required to be devoted to open space on the development site, plus the cost that would otherwise be incurred by the applicant for development of that space in accordance with the provisions of the City of Pittsburgh Code.
Section 2. The Trust Fund shall be established within the Department of City Planning and may only be appropriated for the acquisition and development of open space, park sites, and recreational facilities within the area of a development project. Funds would be utilized by the Department of City Planning and/or Department of Public Works.