(A) Fees paid into the Park Facilities Fund which are not committed within five years from the date of payment shall be returned to the then current owner(s) of the residential development project, with all interest actually earned thereon, in the same proportion as the size of their lot bears to the total area of all lots within the development project.
(B) Notwithstanding the provisions of division (A) of this section, no refund shall be required if the City Council determines any one of the following applies:
(1) Moneys were not posted as fees, but were satisfied by a letter of credit, bond or other interest taken to secure payment at a future date; or
(2) The administrative costs of refunding the uncommitted fees pursuant to this section exceeds the amount to be refunded; provided a public hearing is held thereon for which each of the dwelling units within the project has been delivered a public notice, pursuant to § 153.210.100, at least ten days prior to the hearing.
(Ord. 1242, passed 9-15-04)