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Where the side or rear of any residential or industrial lot or lots border any collector or arterial, the developer shall be required to execute, prior to issuance of a development permit, a relinquishment of right of ingress and egress to the side or rear of such lot or lots across the existing or proposed right-of-way line of such collector or arterial. Such relinquishment shall prohibit said ingress and egress without the subsequent resolution of the City Council.