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I I <br />Ordinance No. <br />Page 4 <br />(c) That the private open space is restricted for park <br />and recreation purposes by recorded covenants which run <br />with the land in favor of the future owners of property <br />within the tract and which cannot be eliminated without <br />the consent of the City Council; and <br />(d) That the proposed private open space is reasonably <br />adaptable for use for park and recreation purposes, taking <br />into consideration such factors as size, shape, topography. <br />geology, drainage, access, and location of the private open <br />space land; and <br />(e) That facilities proposed for the open space are in <br />substantial accordance with the provisions of the <br />recreational element of the Comprehensive Land Use Plan, <br />and are approved by the City Council; and <br />(f) That where such credit is granted, the amount of credit <br />shall not exceed twenty-five percent (25%) of the amount <br />calculated below. <br />Subdivision 9 . Funding. Accounting. Budgeting. Expenditure <br />of Cash in Lieu of Lands The City Council shall establish <br />a separate fund into which all cash contributions received from sub­ <br />dividers in lieu of conveyance or dedication of land for park, playground, <br />and other public purposes shall be deposited. The City Council shall <br />establish separate budgeting and accounting procedures for such fund <br />and shall make from time to time appropriations from such fiind for <br />acquisition of land for park, playground purposes and other public <br />purposes, for developing existing park and playground sites or for <br />debt retirement in connection with land previously acquired for parks, <br />playgrounds and other public purposes. <br />Subdivision 10. Administrative Procedures The City Council <br />shall establish such administrative procedures as they may deem necessary <br />and required to implement the provisions of this section this Code. <br />II <br />■ < <br />4