§ 1640-k. Residential parking permit system in the city of Rensselaer. 1. Notwithstanding the provisions of any law to the contrary, the city council of the city of Rensselaer may, by adoption of a local law or ordinance, provide for a residential parking permit system and fix and require the payment of fees applicable to parking within the area in which such parking system is in effect in accordance with the provisions of this section. 2. Such residential parking permit system may only be established within the area of the city of Rensselaer consisting of the following streets: Elm Street, East Street and Wendell Street. 3. Notwithstanding the foregoing, no permit shall be required on those portions of such streets where the adjacent properties are zoned for commercial/retail use. 4. The local law or ordinance providing for such residential parking permit system shall:

(a) set forth factors necessitating the enactment of such parking permit system;

(b) provide that motor vehicles registered pursuant to section four hundred four-a of this chapter shall be exempt from any permit requirement;

(c) provide the times of day and days of the week during which permit requirements shall be in effect;

(d) make not less than twenty percent of the spaces within the permit area available to nonresidents, and shall provide short term parking of not less than ninety minutes in duration in the permit area;

(e) provide the schedule of fees to be paid for such permits; and

(f) provide that such fees shall be credited to the general fund of the city of Rensselaer. 5. No ordinance shall be adopted pursuant to this section until a public hearing thereon has been had in the same manner as required for public hearings on a local law pursuant to the municipal home rule law.