Allows planning boards to require funds in lieu of land for parks in certain subdivisions.

This bill amends the town law to allow planning boards to require a sum of money in lieu of land for parks in subdivisions where suitable land cannot be located. The funds must be deposited into a trust fund for park, playground, and recreational facility improvements, repairs, replacements, and maintenance. The amount of money required is determined by the town board and can be up to 30% of the land's value.

Allows planning boards to require funds in lieu of land for parks in certain subdivisions.

This bill amends the town law to allow planning boards to require a sum of money in lieu of land for parks in subdivisions where suitable land cannot be located. The funds must be deposited into a trust fund for park, playground, and recreational facility improvements, repairs, replacements, and maintenance. The amount of money required is determined by the town board and can be up to 30% of the land's value.