3A Public Hearing 2008 0122 - Laserfiche WebLink

Home

Policy 56.08 -Condominium Conversion Allow apartments to be converted to condominiums or cooperatives only where the following conditions exist: • A tenant relocation plan is provided. • The design of the building is appropriate for a wide range of residents. • Obsolete or inappropriately designed aspects of the building can be replaced or raised to current standards. Discourage conversions which would result in a net loss of affordable units or the displacement of low income tenants. The proposal will provide an opportunity for ownership of individual units. Of the 96 units the project would provide 14 inclusionary units. The existing development contains 12 different floor plans to add to the variety different unit-types available to for ownership. The proposal includes a tenant relocation assistance plan that was included in the tenants' notification and information letter. Tenant Notification and Information The applicant is required to notify tenants where existing multi-family rental units are proposed for conversion to condominiums. Thus, the applicant notified all residents by certified mail of their intention to convert on March 2, 2006. In addition to this requirement, the applicant has already conducted meetings with the residents, to advise them of their rights pursuant to State and City laws and answer their questions. As part of the tenant notification process, the applicant is required to make the following concessions. The applicant indicated its intent to comply with the City requirements. No rent increase. The tenant's rents will not be increased within two months prior to the project application, nor will the rent be increased for two years from the time of the filing of the project application or until relocation takes place. Lifetime leases. The applicant has offered lifetime leases to tenants who are 62 years of age or older and those who are handicapped for the units they occupy on the date of the notification of intent to convert. Moving Allowance. The applicant has offered a moving allowance to tenants at the time of the initial notice to convert, equal to three times the monthly rent. Discounts on the price of the units. The applicant has offered a discount ranging from one percent to four percent of the market rate units if the tenant decides to purchase his or her respective unit. Additional information provided to the tenants. The anticipated price range of the units would be approximately mid to high $200,000's for the studio to one bedroom units to approximately mid to high $300,000's for the two bedroom units. The anticipated homeowner's association fees would be approximately $275 to $330 per month based on the type of unit purchased. Financing Planning Commission Staff Report November 8, 2007 Woodside Apartments Conversion to Condominium Page 6 of 10