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A. In addition to those exemptions stated in Section 21.04.050, the traffic impact fee shall not apply to new construction of residences which are sold and leased to low and very low income persons and which are sold or leased at rates affordable to very low and low income persons. To qualify for this exemption, the applicant must submit an agreement in a form acceptable to the city attorney binding the development project to a guarantee that the assessable lot area shall remain affordable to low and very low income persons for a period of not less than twenty years, and making the city a party to the covenant such that the restriction is enforceable by the city. The agreement shall be executed by the owner of the property upon which the development project is situated, and shall be recorded against the property in the office of the county recorder.
(Ord. 2003-10-1323 § 8)