A majority of the corporate authorities of the village, having determined that there are a significant number of new condominium projects and a significant number of rental units throughout the village being converted to condominiums, and that the applicable laws of the state of Illinois are not in themselves adequate to meet certain problems in the village, find that it is necessary and appropriate to regulate the various procedures relating to the construction of condominiums, or the conversion of rental property, for the purpose of guaranteeing that prospective purchasers are in possession of all information necessary to make an informed decision to purchase. The purpose and intent of this chapter is to introduce regulatory elements into the condominium process that are aimed at extending the protection of the rights of condominium purchasers and displaced tenants in an effort to encourage orderly development of the condominium concept in the village. (Ord. 2005-56, 9-8-2005)