(Existing) This district is established to preserve and perpetuate in an open state certain areas, such as lakes and waterways, wetlands and marshes, floodplains and stream beds, certain agricultural lands, slopes, and other areas of aesthetic value which, because of their unique physical features, are deemed desirable and functional as natural drainageways, waterways, water retention and erosion control areas, natural habitat for plant and animal life, green belts and other multipurpose uses beneficial to the community. The regulations of the Conservancy District are intended not only to preserve and perpetuate certain open space land and water areas for multiple-purpose uses consistent with the intent and purpose of this chapter, but to also protect the community from the costs which may be incurred when unsuitable development occurs in certain areas. Development in the Conservancy District is limited in character, although certain agricultural, commercial, and recreational uses are permitted when controlled by specific limitations. Civic development by the City of Manitowoc is permitted without specific limitation where benefit by such development of lakeshore and shoreland areas accrues to the community as a whole.