(1) The compensation determined to be owed shall be a condition of the vacation and shall be paid to the City by the applicant within 90 days of the approval of the adopting ordinance by the City Council. The adopting ordinance shall not become effective until the compensation owed to the City is paid in full.

(2) One-half of the revenue received by the City as compensation for the area vacated must be dedicated to the acquisition, improvement, development, and related maintenance of public open space or transportation capital projects within the City.

(3) A development proposal subject to a street vacation shall not be issued approvals or development permits until the street vacation has been acted upon by the City Council and any required compensation has been paid to the City.

(4) If the applicant fails to pay the required compensation sum within 90 days, the adopting ordinance passed by the City Council shall be rescinded and the vacation shall be void. (Ord. 06-12 § 1 (Exh. 1))