Prior to the sale or rental of any residential unit in an adaptive reuse development, the then current owner of the adaptive reuse development or the then current owner of a residential unit being sold or leased shall provide the prospective purchaser or renter of such unit with a written disclosure statement. The disclosure statement shall be executed by the prospective purchaser or renter and shall clearly state that the purchaser or renter is fully informed and acknowledges the following:
A. The adaptive reuse development is located in a commercial zone;
B. The primary intent of the commercial zone is to promote commercial activity;
C. The adaptive reuse development is surrounded by and includes commercial uses;
D. Commercial uses may generate greater noise, traffic, and other impacts on the residential units than other residential uses;
E. The presence of residential units in the adaptive reuse development does not alter the nature of the underlying commercial zone or require adjacent commercial uses or the commercial uses in the adaptive reuse development to curtail their regular activities or to comply with higher standards with respect to noise, traffic or other impacts;
F. The adaptive reuse development is located in a commercial zone and is not eligible for inclusion in a preferential parking district nor are residents of the adaptive reuse development eligible to participate in preferential parking zones on adjacent residential streets. (Ord. 03-O-2422, eff. 3-7-2003)