Title
Subject: Condominium Conversion - Municipal Code Amendment
From: Councilmember Patricia Kernighan
Recommendation: Adopt An Ordinance Amending OMC Chapter 16.36, Condominium Conversions, As Follows:
1) A) To Establish A Pilot Program Providing An Alternate Means For A Limited Number Of High Rent Apartments To Convert To Condominiums And To Establish Increased Tenant Protections In Buildings So Converted And To Establish An Impact Fee For Such Conversions; B) To Facilitate A Limited Number Of Established And Qualified Tenancy In Common Properties To Convert To Condominiums By Eliminating The Requirement For Obtaining Conversion Rights; And C) To Clarify That Residential Rental Units Newly Constructed Or Created From Nonresidential Space Can Use The Conversion Rights They Generated To Convert Those Rental Units To Condominiums On A One For One Basis; And
2) Amending The Master Fee Schedule To Set The Amount Of The Impact Fee For Higher Rent Condominium Conversions at $15,000 (TITLE CHANGE)