(a) The exemption hereinbefore authorized shall be upon the property exempted and shall not terminate upon the sale or exchange of the property.
(b) The exemption hereinbefore set forth shall commence in the tax year immediately following the year in which the building permit is issued.
(c) No tax exemption shall be granted under the provisions of this chapter for the construction of any dwelling unit in excess of the uniform maximum cost specified in Section 868.04 (b) .
(d) The exemption shall be effective only so long as the dwelling unit is built and maintained in conformity with all applicable laws and regulations of and in the City.
(Ord. 2-80. Passed 2-27-80.)