When an applicant for approval to convert apartments to condominium units agrees to provide the percentage of units for moderate, low or lower income persons, families and households set out in the statute and agrees to pay the reasonably necessary administrative costs incurred by the city, the actions and procedures set out in sections 16-428 through 16-435 shall apply. The applicant shall apply for and obtain a density bonus permit in order to be granted a density bonus or other incentives in accordance with the statute.
(`64 Code, Sec. 36-7.15.2) (Ord. No. 2505, 2789)