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(A) Fees paid into the City Art Fund which are not committed within five years from the date of payment may be returned to the then current owner of the development project, with all interest actually earned thereon, if a written request for return is filed with the City Treasurer during the fifth year after payment, and refund of the fees is approved by the City Council. The request for return shall be verified, and include the date of payment, the amount paid and method of payment, the location of the new development for which the fee was paid, and a statement that the applicant is the payer of the fees or the current owner of the development project.
(B) The City Council shall determine if return of the then uncommitted portion of the fees and interest is appropriate and, if so, the method of refund. No refund shall be appropriate if the City Council determines that any one of the following applies:
(1) The City Council finds the fee is needed for the Art in Public Places Program.
(2) Moneys were not posted as fees, but were satisfied by letter of credit, bond or other instrument taken to secure payment at a future date.
(3) The administrative costs of refunding uncommitted fees pursuant to this chapter exceeds the amount to be refunded; provided notice of a public hearing on this issue has been published and posted on the site of the development project in not less than three places.
(Ord. 4417, passed 9-10-01)