Item 4: PH on Ordinance Concerning Condominium Conversion

Home Browse Search

except for good cause, prior to the expiration of [180] 120 days from the [time the tenant receives notice of planned conversion or prior to] issuance of the permit[, whichever is later]. 5. An agreement by the developer not to raise the rent of any special category tenant except to an amount equal to or less than rent for comparable housing in the same building if such comparable housing exists. 6. A provision that the contract shall operate in favor of all affected tenants of the building as third party beneficiaries. 7. A provision that the city assumes no liability for the condominium conversion project or the developer's actions or failure to act. 8. A provision that reasonable trial and appellate court attorney's fees shall be paid by the non-prevailing party in any action or suit on the contract. 9. Any other provision required under administrative rules issued hereunder. A TAP may include any purchase incentives to existing tenants which are offered by the developer. (hg) Cash reserve escrow account. The developer shall submit proof of establishment of a cash reserve account by the developer for replacement reserves for common elements in an amount and in the manner required by state law. In determining the estimated useful life and replacement costs for the common elements, the developer shall use the estimates set forth in the [engineer/architect's] common elements report. Section 4. Subsection (5) of Section 2.1074 of the Eugene Code, 1971, is amended to provide: 2.1074 Condominium Conversion - Post-Permit Obligations and Procedures. (5) Update of [engineer/architect's certificate] common elements report. The developer shall update the [engineer's certificate] report required under section 2.1070(ba) of this code every three (3) years until control of the condominium is transferred from a developer to an association of unit owners. Such update shall include more current information on repair or replacement costs and any new or supplementary information on the condition and expected useful life of the common elements. Section 5. The City Recorder, at the request of, or with the concurrence of the City Attorney, is authorized to administratively correct any reference errors contained herein or in other provisions of the Eugene Code, 1971, to the provisions added, amended or repealed herein. Ordinance - 5