A. At the time the Final Map is approved, the City Council shall develop a schedule specifying when development of the park and recreational facilities shall be commenced.
B. In lieu fees collected pursuant to § 15.10.765 shall be committed by the City within five (5) years after the payment of such fees or the issuance of building permits on one-half of the lots created by the subdivision, whichever occurs later. If such fees are not committed, the then record owners shall be entitled to a refund of the fees in the same proportion that the size of their lot bears to the total area of all lots within the subdivision.
('65 Code, § 31-118) (Ord. No. CS-622 § 1 (part); Ord. No. 90-002 § 9)