13-11-040 Transfer of Category A property – Notice to commissioner required when – Posting of security when.

   Every owner shall notify the building commissioner by certified mail no less than 60 days before transferring any Category A property if:

      (1)   The property will be donated or otherwise transferred without consideration to a not-for- profit organization or to any other person; or

      (2)   The property will be sold for less than 50 percent of its most recently ascertainable estimated market value as determined by the assessor for real estate taxation purposes or, if the assessor has not made such a determination, its reasonably estimated fair cash market value; or

      (3)   More than 50 percent of the purchase price will be financed, directly or indirectly, by the owner by loan or installment contract; or

      (4)   The property has situated thereon or consists of a vacant Category A building; or

      (5)   The property will be sold for more than 50 percent, but less than 80 percent, of its most recently ascertainable estimated market value as determined by the assessor for real estate taxation purposes or, if the assessor has not made such a determination, its reasonably estimated fair cash market value.

   Such notice shall identify the property, the proposed transferee, the proposed date of the transfer and the purchase price. The commissioner may within 14 days after receiving the notice request from the proposed transferee such documentation as may be necessary for the commissioner to determine whether the proposed transferee has the financial resources to repair, maintain, enclose or demolish the Category A building. Such documentation must be given within seven days of the request. If the commissioner determines that the proposed transferee does not have the financial resources to repair, maintain, enclose or demolish the Category A building and that there is a significant likelihood that the Category A building is likely to deteriorate substantially or require demolition within five years, the commissioner shall order the building owner or the transferee to post with the city and continuously maintain a surety bond or other financial security or insurance, in an amount equal to the estimated demolition costs, and in a form and duration approved by the commissioner. Any such order shall be accompanied by a written statement by the commissioner setting forth the bases for his or her determination. Any order issued by the commissioner pursuant to this section shall be made no later than 30 days after receipt of notice of the proposed transfer, or 30 days after receipt of all information requested by the commissioner and the large building transfer review committee, whichever occurs later. Factors that the commissioner may consider when determining whether a building is likely to deteriorate substantially or require demolition within five years include, but are not limited to: the physical condition of the building, the present degree of the deterioration of the building, the proposed use of the building and the lack of plan to reoccupy the building.

   An owner may request that the commissioner conduct an expedited review of the proposed transfer. The request shall be submitted as part of the notice, shall be in writing, and shall suggest a time period for the completion of the review. The commissioner shall make reasonable efforts to accommodate such a request.

   Notwithstanding any other provision of this section to the contrary, whenever any owner is required to notify the commissioner under this section solely because the property to be transferred falls within the description set forth in paragraph (4) or (5) of this section or the descriptions in both paragraphs, the owner may, at the time initial notification is made, submit to the commissioner proof that the reasonably estimated value of the property, as determined by a competent appraiser, exceeds the reasonably estimated costs of demolishing the Category A building or buildings, as determined by a licensed contractor whose primary business involves the demolition of buildings. If the commissioner determines that such proof is satisfactory, no further documentation, and no security or insurance, shall be required under this chapter.

(Added Coun. J. 3-26-93, p. 30292)