A. The property must be located in the designated residential targeted area.

B. The project must consist of at least four dwelling units of multifamily housing, located within a residential structure or a mixed-use development, in which at least 50 percent of the space within such residential structure or mixed-use development is intended for permanent residential occupancy.

C. The property must be used and/or developed in a way that increases or preserves property valuation, and the use or development of the property must represent an increased investment in the property and property maintenance that results in an increase in the overall property values in the target area.

D. The project must comply with all zoning requirements, land use regulations, and building code requirements contained in the Auburn City Code and applicable upon land use permit approval or submittal of a complete building permit application, whichever occurs sooner.

E. For the duration of the exemption granted under this chapter, the property shall have no violations of applicable zoning requirements, land use regulations, or building code requirements contained in the Auburn City Code for which the city of Auburn and/or its departments or divisions have issued a “stop work order” or notice of violation and order to correct that are not resolved by a voluntary correction agreement, vacation by the hearing examiner, or action of the property owner in compliance with the applicable code requirements as determined by the director, within the time period for compliance as provided in such notice(s) and any extension of the time period for compliance granted by the director.

F. New construction of multifamily housing must be completed within three years from the date of approval of the application or by any extended deadline granted by the director pursuant to ACC 3.94.070(C).

G. The owner must enter into a written agreement with the city, approved by the director, and signed by the mayor, in which the owner has agreed to the implementation of the development on terms and conditions satisfactory to the city. (Ord. 6257 § 1, 2009; Ord. 5779 § 1, 2003.)