§ 26-6-6. Notice of intent to convert.
(a)
Upon receipt of a permit to sell or upon filing a notice of selling pursuant to Public Act 59 of 1978, as amended [MCL 559.101 et seq., MSA 26.50(101) et seq.], the owner or developer shall deliver written notice of the intent to convert in person or by first class mail to the city planning commission, the planning department or such other agency as shall be designated by the mayor, and to each adult tenant of every unit in the condominium conversion project. The notice required in this section shall provide the following information:
(1)
The names, addresses, and previous experience with conversion condominiums of each developer and any management agency, real estate broker, and residential builder in the proposed conversion.
(2)
A budget showing the cost of operating the building for the last three years as well as a projected budget for the first year of condominium ownership which shall include, at a minimum, the following items:
a.
Operational costs such as:
Utilities
Janitorial services
Trash and garbage disposal
Ground and building maintenance
Security services
Maintenance of recreational and other facilities
Other operational costs
b.
Management costs such as:
Legal and accounting services
Bookkeeping services
Management fees
Other management costs
c.
Fixed costs such as:
Building insurance
Elevator maintenance
Street and sidewalk maintenance
Other fixed costs
d.
Reserve costs (provided by the association of co-owners) such as:
Reserve for unexpected repairs
Reserve for replacement and upkeep of common areas and facilities, including the basis upon which reserves are calculated
Reserve for improvements
Other reserve funds.
(3)
A report from an independent registered professional engineer stating the condition and expected useful life of the roofs, foundations, external and supporting walls, heating, cooling, mechanical venting, electrical, and plumbing systems, and structural components, of the proposed common elements.
(4)
A list of any outstanding building code or other municipal regulation violations, the dates the premises were last inspected for compliance with building and housing codes, along with a statement by the developer regarding the action that will be taken by the developer to rectify or contest any outstanding violations.
(5)
The year or years of completion of any construction in the conversion project.
(6)
A copy of the reservation and subscription agreement or purchase agreement used by the developer.
(7)
Notice of the right to terminate his or her lease without penalty or other termination charge regardless of the term of the existing lease, if notice of termination is given to the lessor not less than thirty (30) days before the date of termination.
(8)
The definition of a qualified senior citizen and the provisions of and rights under a lifetime lease arrangement as provided in this ordinance.
(9)
That the election to execute a lifetime lease must be communicated to the developer by certified mail not later than sixty (60) days after receipt of the notice.
(10)
A description of the rights provided by this article.
(b)
The information required under this section shall be in terms understandable to a person of average intelligence. The developer shall promptly amend the information supplied under this section to reflect any material change in the information.
(Ord. No. 400-H, § 1(16A-1-6), 7-30-80)