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A. There is hereby established a City waiver, which waives City enforcement of one or more specified City regulations found by the council to reduce the value of a claimant’s real property. Such waiver shall have the following characteristics:

1. It shall be signed by the director on behalf of the City and issued only to a claimant pursuant to the process set forth in this chapter and only to the extent necessary to offset the reduction in fair market value;

2. It may be transferable;

3. It shall be presented to the City as part of any application for development of the subject property for which a waiver of the subject regulation is sought;

4. The City may record the waiver or a memorandum of the waiver in the deed records of the county.

B. Issuance of a waiver under this subsection shall not cause the repeal of the regulation(s) being challenged.

C. The city attorney is authorized to prepare an appropriate form of waiver under this subsection. [BC 2.07.045, added by Ordinance No. 4472, 2/25/08]