It is concluded that equity ownership of apartments is a positive development for the village of Riverside, and, within certain limits, such ownership should be encouraged.
Because of the unique nature of condominium ownership, it is further concluded that the rights of the condominium purchaser and the displaced tenant should be protected to a greater extent than the protections provided under existing laws.
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 of Riverside. (Ord. 2532, 8-15-2005)