Each affected person shall file, with the city clerk, a statement disclosing direct or indirect ownership of any real property located within the corporate limits of the city, owned by the person required to file or by the spouse of such person. Such statement shall include the legal description and common address of the real estate and shall indicate the ownership interest held in such real estate.
For the purpose of this section, the ownership of a beneficial interest in real estate held in land trust, real property being purchased by contract or real property held by a corporation, an investment group or partnership in which the person filing shall own more than a five percent (5%) interest, shall be considered real property.
The property in which the affected person resides shall be exempt from the provisions of this section, unless said property contains more than three (3) residential units. (Ord. 0-44-88, 12-19-1988)