(a) Public Offering Statements; Bonds; Fees. No developer shall sell or offer to sell a condominium ownership interest in a conversion condominium development in the City unless he or she first files the following items with the Building, Housing and Zoning Administrator:
(1) Twenty copies of the Public Offering Statement to be provided by the developer in accordance with Section 1479.05;
(2) Any bond required by subsection (b) hereof; and
(3) A fee of twenty dollars ($20.00) per condominium unit. Such fee shall be in substitution for all other fees incidental to the conversion condominium development under this Building and Housing Code.
(b) Compliance with Regional Building Code. No developer shall sell or offer to sell a condominium ownership interest in a conversion condominium development in the City unless the Building and Zoning Inspector has issued:
(1) A certificate of occupancy (occupancy permit) attesting that all common areas of the development are in compliance with the Regional Building Code, unless within the Public Offering Statement there is described the specific common areas of the development which the Building, Housing and Zoning Administrator has determined are not in compliance with the Regional Building Code;
(2) A statement by the developer specifying the estimated cost and estimated time of completion of all work necessary to correct each violation of the Regional Building Code, such time of completion not to exceed six months from the date of filing, subject to strikes, adverse weather conditions, acts of God or other similar events beyond the control of the developer; and
(3) A bond filed with the City in the sum of 100 percent of the estimated cost of the work required for compliance with the Regional Building Code, such estimated cost to be verified by copies of the contracts for the completion of the work required for such compliance.
(c) Compliance with Housing Code. At the time of the closing of a sale of a condominium unit, the developer shall deliver to the purchaser thereof a certificate of occupancy (occupancy permit) issued by the Building, Housing and Zoning Administrator attesting that the unit is in compliance with Chapter 1480 of these Codified Ordinances.
(d) Compliance with Warranties.
(1) To ensure compliance with the warranty obligations specified under Section 1479.05(a)(4), the developer shall place in a separate warranty escrow account a sum equal to one percent of the gross sales price of each unit as sold, such escrow account to be established at a financial institution in the City whose accounts are insured by an agency of the Federal government. Such escrow account must be maintained for the period of the warranty.
(2) Following notification by a unit owner or the unit owners' association, the developer shall make any required repair or replacement of the warranted areas and facilities in a timely manner, or as promptly as conditions necessitate in case of an emergency. If the developer fails to comply with the warranty provisions, the unit owner or the unit owners' association may notify the developer in writing of the intention to correct the condition at the developer's expense. If the developer fails to comply within fourteen days after being notified by the unit owner or unit owners' association, or as promptly as conditions require in case of an emergency, the unit owner or unit owners' association may, after receiving two or more written estimates of the cost of such repair or replacement, have the work done by the tradesman submitting the lowest, responsible estimate and have the cost deducted from the warranty escrow account. If litigation is necessary in order to enforce any warranty hereunder or to attach funds from such escrow account, a prevailing plaintiff shall, in addition to damages, be awarded his or her reasonable attorneys' fees.
(Ord. 79-82. Passed 12-11-79.)