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As a condition of approval of all residential development or development activity, as defined herein, the City will require mitigation of adverse impacts on the park system pursuant to the State Growth Management Act, RCW 36.70A, RCW 82.02, and this chapter. Park impact fees collected by the City shall be deposited in a fund entitled “Park Impact Fee Fund.” The fund shall include deposits from payments made pursuant to this chapter and shall permit tracking and segregation of all mitigation payments.