Laserfiche WebLink
492 <br /> <br /> Mr. MacDonald stated that the Yees could be placed in the same <br /> category as conventional converters, who are subject to the rent <br /> control provisions for a period of two to three years. <br /> <br /> Ms. Mohr inquired why the Yees would be subject to the rent <br /> control requirements for a ten year period when the conversion <br /> process is limited to seven years or until the subdivision <br /> requirements were met. <br /> <br /> Mr. MacDonald replied that the rent control provisions would <br /> apply to this project from the time the Yees filed for condominium <br /> conversion, through the tentative and final map submission, and <br /> until the units were sold. Consequently, if the units are not sold <br /> for 10-20 years, they would be subject to rent control for that <br /> period of time. <br /> <br /> Mr. Mercer indicated that the Ordinance was designed for big <br /> apartment complexes and was meant to protect the tenants. He asked <br /> Mr. MacDonald what made the Yees' project unique from any other <br /> project in the City. <br /> <br /> Mr. MacDonald replied that the main difference was that the <br /> units of this project are new, and their tenants are the first <br /> occupants. In addition, the Yees will be owning the units for at <br /> least ten years, as opposed to conventional converters who <br /> generally own their units for only two to three years. <br /> <br /> Mr. Butler commented that the Yees have the alternative of <br /> applying for condominium conversion at the time they are ready to <br /> sell. <br /> <br /> Mr. MacDonald explained that the reason the Yees went through <br /> the entire PUD process was to have the flexibility of being able to <br /> sell the individual units at a point in time when it would be <br /> needed without having to wait for the two- to three-year waiting <br /> period of the condominium conversion process. <br /> <br /> Mr. Butler asked Mr. Swift for his opinion on the matter. <br /> <br /> Mr. Swift replied that Condition No. 12 was made part of the <br /> Conditions of Approval simply to make the Yees aware that the <br /> Condominium Conversion Ordinance was applicable to their project; <br /> deleting that condition would not change that fact. He stated that <br /> staff could prepare a report addressing Mr. MacDonald's request and <br /> bring it back at the next Council meeting, and since the Council <br /> did not have a copy of the Condominium Conversion Ordinance at <br /> hand, Council could delete Condition No. 12 and re-introduce <br /> Ordinance No. 1484 at this time. <br /> <br /> 9-18-90 <br /> - 18 - <br /> <br /> <br />