A. It is the purpose of the City Council to establish a tax to be paid upon the conversion of apartment buildings or housing projects to a form of individual ownership of independent units at the same tax rate set forth in the residential construction tax schedule established for condominium ownerships.

It is recognized that the conversion of apartment buildings or projects in multiple-family zones from single, individual, corporate or partnership ownership to condominium or other form of independent ownership, or ownership pursuant to a subdivision of the property, affords to purchasers of such condominiums or independent units a type of single-family ownership status with a greater projected population density than that which would be allowable in the single-family residential zones.

B. Therefore, it is the intent of the Council to require payment of a residential conversion tax, which shall be the full amount of the tax required for condominium or subdivided ownership if the residential construction tax was not paid at the time of the construction of the multiple-family dwelling unit; or if such a tax was paid at the time of construction, then an additional tax equivalent to the difference between the original tax paid and that currently imposed upon condominiums or subdivided ownerships shall be required. (Ord. 1805 § 1, 1978; Ord. 1491 § 1, 1973; Ord. 1423 § 1, 1972; Ord. 1366 § 3, 1971; prior code § 35.401(2)).