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6 forth development approval and requirements to achieve Affordable Housing in accordance with this Policy and location criteria. The Agreement shall identify: (1) The location, number, type, and size of affordable housing units that are to be constructed. (2) Sales and/or rental terms; occupancy requirements. (3) A timetable for completion of the units; and (4) Restrictions to be placed on the units to ensure their affordability and any terms contained in the approval resolution by the City as applicable. (B) The applicant or owner shall execute all documents deemed necessary by the city, including, without limitation, restrictive covenants, and other related instruments, to ensure the affordability of the affordable housing units in accordance with this Policy. (C) The applicant or owner must prepare and record all documents, restrictions, easements, covenants, and/or agreements that are specified by the city as conditions of approval of the application prior to issuance of any zoning permits or approvals for any development subject to this Policy. (D) Documents described above shall be recorded with the County Registry of Deeds by the applicant or owner, with copies of recorded documents provided to the city. SECTION 3. The City Council of the City of Mounds View hereby amends Title XI: Business Regulations, Chapter 119 of the Mounds View Municipal Code by adding the following section 119.030- 119.034 as follows: SALE OF AFFORDABLE HOUSING BUILDINGS 119.30 PURPOSE The purpose of this article is to provide housing stability, protectionprotection, and notification to tenants in rental housing during an ownership transition. This article requires notice to tenants and to the city whenever title to property containing three (3) or more rental housing units is conveyed or otherwise transferred. Under this article, the owner would be required to pay resident relocation benefits if they take certain actions during the three-month tenant notification period and the resident needs to move as a result of that action. 119.31 NOTICE. (A) Notice to tenants. Whenever title to property containing three (3) or more rental housing unitsa housing building, as defined in this Chapter, is conveyed or otherwise transferred, the new owner must, within 30 days after the real estate closing, deliver written notice to each housing unit tenant of the housing building that the property is under new ownership. The notice must include, at a minimum, the following information: (1) The name, mailing address, and telephone number of the new owner. (2) The following statement: