When any new development takes place on any property within the city which either: (a) has been subdivided into four or more lots after February 11, 1992; or (b) is zoned for commercial, office or multifamily use; the owner or developer of any such lot shall refrain from constructing poles and installing overhead wires and associated structures, and, instead shall place all utility lines underground in accordance with sound engineering practices and in conformance with all uniform building Codes adopted by the city.