All lands dedicated to the County pursuant to this section shall be held by the County for the Aspen School District or the Roaring Fork School District, as applicable, until such time as they shall be requested by the School District for school purposes.
Maintenance
The applicable School District shall be responsible for the maintenance of said lands in a reasonable manner while they are being held by the County.
Sale of Land
The Board of County Commissioners may, at the request of the applicable School District, sell lands that have been dedicated to the County pursuant to this section. The proceeds from the sale shall be transferred to the designated interest bearing account into which funds collected from payments in-lieu of school land dedications are transferred.
(b) Funds
All funds collected pursuant to this section shall be transferred by the building inspector to the finance director, for deposit in a designated interest bearing account.
County Shall Hold Funds
The County shall hold the funds until such time as they shall be requested by the applicable School District for the acquisition of land for school purposes, or for other capital outlays or growth-related planning functions for education purposes, at which time they shall be released to the applicable School District.
Administrative Fee
The County shall be entitled to retain one (1) percent of the funds collected to compensate the County for its administrative expenses of collecting the cash-in-lieu payments. Said administrative fees shall be deposited in the County’s General Revenue Fund, to be expended as the County shall determine in its sole discretion.
(c) Use of Land or Funds for Housing
If the applicable School District decides that land or funds dedicated pursuant to this Section should be used for housing, then the School District shall place a deed restriction on those housing units, restricting their occupancy solely to employees of the applicable School District and their families. In the event the inventory of housing exceeds the applicable School District’s needs, the School Board may allow occupancy of the units through the Housing Authority.
(d) Periodic Review
In order to ensure that these land dedication standards are fair and represent the current level of service provided by the applicable School District, the formula and dedication schedule shall be reviewed by the County, together with the applicable School District, and amended as necessary within three (3) years of its effective date and every three (3) years thereafter.