None of the provisions of this Code which require the provision of off-street parking and off-street loading spaces in connection with the use of property for commercial or industrial purposes shall apply to any parcel or property which is located within any vehicle parking district hereafter formed and existing under the provisions of any parking district act approved by the City Council and where parking and loading facilities provided by such district are determined by the City Council to be adequate to serve the district. (Ord. 527, 8-4-1997)