The Board of Zoning Appeals may approve a density bonus, on a case-by-case basis, which would allow an overall density not to exceed 3,000 square feet of lot area per dwelling unit, if it finds that the following conditions exist:
(a) The subject site is twenty (20) acres or more and a minimum of forty (40) dwelling units is proposed.
(b) The development is located directly adjacent to major thoroughfares as delineated on the Thoroughfare Plan.
(c) Building design and site design is of high quality and buildings are integrated with the natural features and architectural context of the surrounding area.
(d) A minimum of twenty percent (20%) of the site is designated as permanent open space. The open space system shall provide for pedestrian and bicycle linkages to neighborhood facilities, parks, play areas. Assurances shall be provided that such open space shall be maintained by the owner of the development.
(e) A formal agreement between the City and the applicant, insuring that the provisions of (a) through (d) above are met, is arranged and approved by the City Law Director.