§ 4.24.090 — Undeveloped parks—Refund of tax

4.24.090 - Undeveloped parks—Refund of tax.

If a neighborhood park is not developed, or park facilities are not installed in an existing park, in the park district that is created for the benefit of the neighborhood in which a residential subdivision or development with respect to which the residential construction tax has been paid is located within three years after the date on which seventy-five percent of the residential dwelling units that are authorized within such subdivision or development first became occupied, all of the money that was paid with respect to such subdivision or development, together with interest thereon at the average rate at which the City has invested the money in the special revenue fund that is provided for in LVMC 4.24.070, must be refunded on a pro rata basis to the persons who own the dwelling units in the subdivision or development at the time of such refund.

(Ord. 5163 § 8, 1999: Ord. 3407 § 10, 1989)