The neighborhood revitalization option is established
within the R-4 District, subject to further limitations described
below, to encourage the investment in and revitalization of existing
residential neighborhoods in the Borough prone to extensive and continuous
damage from flooding and other causes. The intent of the neighborhood
revitalization option is to bring about increases in property values
of existing residential housing stock by:
A. Permitting new residential development and investment
to occur in areas previously not permissible due to a floodplain location;
B. Facilitating improvements to existing infrastructure
deemed inadequate;
C. Bringing about floodplain mitigation improvements;
or
D. Redeveloping nonconforming industrial uses into residential
uses thereby filling in and beautifying an existing residential neighborhood.
All area and bulk regulations otherwise applicable
to multifamily dwelling units permitted in the R-4 District will continue
to apply.