S.F. No. 3794 modifies the planning and zoning chapter of law, specifically the provisions related to subdivision regulation. Under current law, a municipality has the authority to require developers to dedicate a reasonable portion of land for streets, utilities, drainage, and parks and recreational facilities, or in lieu of land dedication, the municipality may impose cash fees.

Paragraph (c) caps the cash fee option for parks at five percent of the fair market value of the development, and allows, in addition to the cash fee option, fees to be paid by donating land, building recreational facilities, or a combination of these options.

Paragraph (d) requires that the value of any portion of property dedicated or preserved for park or trail purposes be deducted from any cash fee so the applicant is not penalized for including open or recreational space in the development proposal.

Paragraph (f) requires the municipality to maintain records detailing the purposes for which the funds were obtained, the manner in which the funds were spent, and make the records readily available.

Paragraph (g) requires the municipality to maintain records demonstrating the manner in which the cash payment was used.