13-11-050 Large building transfer review committee – Created – Recommendation to commissioner.

   (a)   There is hereby created the large building transfer review committee, which shall consist of no fewer than five members appointed by the mayor. Members of the committee shall have experience and expertise in the areas of real estate development or finance, or building design, construction, repair or finance. Members of the committee shall serve a three year term or until their successors are appointed and qualified. Members shall serve without compensation. Three members of the committee shall constitute a quorum. The affirmative vote of a majority of those members present and voting shall be necessary for any action of the committee.

   (b)   Whenever a proposed transferee is required to provide documentation pursuant to Section 13-11-040 for the purpose of demonstrating whether the transferee has the financial resources to repair, maintain, enclose or demolish a Category A building, the transferee may request that the proposed transfer be reviewed by the Committee. The request shall be in writing and shall be made at the time that any such documentation is first submitted to the commissioner. When a request is made under this section, the committee shall review such documentation and may request from the building owner or the proposed transferee such other information that may be required for the committee to make a recommendation under this section. After reviewing all of such information, the committee shall make a recommendation to the commissioner as to whether a surety bond or other financial security or insurance is required under Section 13-11-040 and, if so, the amount of such security or insurance that it believes is required. Such recommendation shall be made no later than three business days prior to the last date on which the commissioner may issue an order pursuant to Section 13-11-040. In making a determination under Section 13-11-040 as to what, if any, financial security or insurance will be required, the commissioner shall consider, but shall not be bound by, a recommendation of the committee.

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