9-3-13: USE OF IN LIEU FEES BY TOWN:
A. The in lieu fees collected by the town pursuant to section 9-3-12 of this chapter may be expended by the town only for the following purposes:
1. Acquisition of, or recoupment of the cost of acquiring, real property for the construction of municipal parking facilities within the service area, or any area located immediately adjacent thereto if the town council determines that the service area will benefit from the provision of parking on such property;
2. Development, expansion or capital repair of municipal parking facilities within the service area, or any area located immediately adjacent thereto if the town council determines that the service area will benefit from the provision of parking on such property, including, but not limited to, payment of any construction contract price, and surveying, engineering and similar expenses related thereto;
3. Payment of the principal, interest, and other costs of bonds, notes and other obligations issued or undertaken by or on behalf of the town to finance the acquisition, development, expansion or capital repair of municipal parking facilities within the service area, or any area located immediately adjacent thereto if the town council determines that the service area will benefit from the provision of parking on such property; or
4. The provision or operating expenses of transit facilities and equipment designed to reduce reliance on private automobiles; provided that such transit facilities or equipment shall, in the determination of the town council, provide a benefit to the service area.
B. In lieu fees collected by the town shall not be used for any purpose except those enumerated in this section, nor shall such fees be used to cure existing deficiencies in the town's public parking facilities.
C. The town shall annually update and identify the intended uses of in lieu fees collected pursuant to section 9-3-12 of this chapter.
D. The town council shall determine which municipal parking expenditures may properly be paid for using in lieu fees collected by the town pursuant to this chapter. Such determination may be made either at the time of such expenditure, or within two (2) years thereafter. (Ord. 9, Series 1996)