Ordinance No. 18655 - Laserfiche WebLink

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18655 or cooperative conversions or impair the health of the current local ar state economic base ~LCDC Goal 9}.. No violation of LCDC Goal l0 occurs by reason of these regulations because the purpose of the Ordinance is to preserve the availabilty of an adequate number of rental units at rent levels commensurate with the financial means of a substantial number of Eugeneans and to allow for continued flexibility of rental types, locations, and densities. This Ordinance is a harmonization of the policies applicable to housing as they relate to condominium or stack cooperative con- versions, as set forth in the LCDC Goals, the Eugene--Springfield Metropolitan Area 1990 General Plan, Eugene Housing Policy Reso- lution No. 2547, the Eugene Community Goals and Policies, the. City of Eugene Housing Assistance Plan, and the City of Eugene Housing Dispersal Policy Plan, the Eugene-Springfield Area Transportation Plan ~T2000}., and applicable neighborhood plans,. 3. Recognizing that, by their unique character and a,mpact an the City's population and housing stock, condominium or stock cooperative conversions differ from other property transfers,~this Ordinance requires the adoption of special, requirements for con- versions of housing units to condominium or cooperative ownerships, the purposes of which are: ~1} to preserve a reasonable balance of ownership and rental housing within the City; {2} to promote the meaningful expansion of home ownership opportunities and to reduce the displacement of tenants in buildings proposed far con- vers ions ; ~:3 } to reduce the impact of such cc~nvers ions on non- purchasing tenants who nay be required to relocate by providing .for procedures for notification and adequate time and assistance far relocation and providing far the reimbursement of costs re- sulting from such relocation; ~4} to prevent the displacement of elderly, low-income and disabled tenants by assuring them of the availability of comparable housing prior to displacement; ~5} to assure that purchasers of converted housing have been properly notified as to the physical condition of the structure which is offered for purchase; and, ~6} to provide far control of rents during conversion process and limitation an right to evict tenants during such period; and ~7} to encourage the con- struction of new housing; and. ~8} to provide that adequate ini- tial reserves for the repair or replacement of common elements be funded by the developer. Now, therefore, based on the findings aid conclusions set forth above, THE CITY OF EUGENE DOES ORDAIN AS FOLI,QwS: Section 1. Definitions. In this Ordinance, the following words and phrases,mean. Affected Tenant- any tenant why resides in a building to be con~rerted at the time of not.~ce of planned conversion. Ordinance - 4