Any unit within a residential development which is restricted by covenant to occupancy for low- and moderate-income households or senior citizens shall be exempted from the requirements of this subchapter during the period such unit remains covenanted for such use. Upon termination of such restrictions, the then current owner of the unit shall pay additional fees to the city, based upon the then current fair market value of the land and in accordance with the density factor in effect at the time the restrictions terminate.
(Ord. 1242, passed 9-15-04)