§ 15.10.760 EXEMPTIONS FROM PARK DEDICATION REQUIREMENTS.
   A.   Subdivisions containing less than five (5) parcels and not used for residential purposes shall be exempted from the park dedication or in lieu fees; provided, however, notice shall be placed on the approval of such tentative map or tentative parcel map of a requirement that if a building permit is requested for construction of a residential structure or structures on any of the parcels within four (4) years of the recordation of the final map, the in lieu fees shall be required and shall be satisfied by the owner of each such parcel pursuant to the provisions of § 15.10.765 C.
   B.   The park dedication or in lieu fees requirements do not apply to condominium projects or stock cooperatives which consist solely of the subdivision of airspace in an existing apartment building which is more than five (5) years old and in which no new dwelling units are added.
   C.   Subdivisions containing units which are covenanted for low- and moderate-income households or senior citizens shall be exempted from the requirements of § 15.10.755 during the period the unit or units remain covenanted for such use. Prior to the date these restrictions terminate, the then-current owner of each such unit shall dedicate additional parkland or pay additional fees in lieu thereof, or both, based on the then-current fair market value of the land and in accordance with the density factor in effect at the time the restrictions terminate.
('65 Code, § 31-114) (Ord. No. CS-622 § 1 (part); Ord. No. 90-002 § 3; Ord. No. 90-026 § 2)