Required distance between storage tanks except water tanks, and a residential property line. An above- ground storage tank having a capacity of one thousand (1,000) or more gallons or height of ten (10) or more feet shall not be located nearer than two hundred seventy-five (275) feet from a residential property line and further, no refined Class 1 petroleum products as defined in the Fire Prevention Code of the City with a flashpoint under one hundred (100°) degrees Fahrenheit shall be stored in above-ground storage tanks having a capacity of one thousand (1,000) or more gallons and/or a height of ten (10) or more feet closer than five hundred (500) feet from a residential property line.