(a) At the next regular meeting following twenty days after submission of the filings required by Section 1361.05(a), the Planning and Design Commission shall hold a public meeting on the issue of whether or not conversion shall be permitted to proceed. Notice of the public meeting shall be given in accordance with Section 137.02 including to all tenants of the proposed conversion condominium development. The Commission shall determine from evidence adduced by all interested persons at the meeting if the proposed conversion condominium development meets all of the following standards:
(1) That the conversion if permitted to proceed shall not reduce the then current vacancy rate to less than four percent (4%) for remaining rental units within the City;
(2) That the conversion shall not substantially reduce the availability of rental housing within the City for the elderly, the handicapped and low or moderate income families;
(3) That the public offering statement meets the requirements of Section 1361.06;
(4) That the notices required by Section 1361.08 of the Codified Ordinances have been given; and
(5) That the purposes of Chapter 1361 have been fulfilled.
(b) The Commission shall make its determination within forty-five days of the meeting. The Commission shall in its determination state separate findings as to each of the standards in subsection (a) (1) through (5) hereof.
(c) For purposes of the determination required by this section a unit in a condominium development shall not be deemed rental housing unless such unit is held and available for immediate lease or rental and occupancy.
(d) For purposes of this section it shall be prima facie evidence of the vacancy rate that rate established by the Building Commissioner within six months prior to the submission of the filings required by Section 1361.05(a).
(e) Should the determination of the Commission disapprove the proposed conversion condominium development, all filings required by Section 1361.05(a) shall be returned to the developer within seven days.
(Ord. 95-74. Passed 10-16-95.)