(A) In addition to all other requirements relating to new subdivisions, the requirements of this section shall apply to any subdivision or part of a subdivision intended to be developed by the construction of two-family or multi-family building(s) and the sale of the building by selling individual condominium units. Conversions of existing two-family, multi-family, office, commercial or industrial buildings into individual condominium units shall not be permitted.
(B) Except as specifically limited in division (A) above, and expanded by division (C) below, the provisions of the state’s Condominium Property Act (“C.P.A.”) (765 ILCS 605/1 et seq.) shall apply to all condominium subdivisions.
(C) In addition to the requirements of the C.P.A.:
(1) Each developer of a proposed condominium subdivision shall submit to the village for public inspection purposes only, the following information:
(a) Plans and specifications indicating where each condominium is to be and what public areas are to be owned by the association of condominium owners;
(b) Proposed articles of incorporation and by-laws for the association of condominium owners which will manage the common areas;
(c) A detailed description of proposed financing to be available to purchasers of the condominium units;
(d) Information indicating financial responsibility and financial ability of the builders or developers to complete the project as proposed, including a projected operating budget for the condominium;
(e) A copy of all proposed covenants relating to the real estate;
(f) An agreement by the developer specifying the improvements to be completed by the developer, including recreational facilities, bicycle trails and other common areas. The agreement shall also indicated the percentage of ownership interest in each of the common areas allocated to each unit or shall specifically state that it is an “add on condominium” that allows a reallocation of the percentage ownership interest in the existing and additional common elements pursuant to 765 ILCS 605/25.;
(g) If the construction is to be financed in whole or in part by escrow funds put up by purchasers, or if escrow funds of any kind are required from purchasers, then the following information will be provided:
1. A description of the escrow arrangements;
2. A copy of all escrow documents;
3. Provision for the return of funds to purchasers if the matter is not completed by the date specified; and
4. The name and address of the institution to hold the escrow.
(h) Title information insuring all liens, easements and interest of record including all ownership concerning the real estate. All mortgages and mechanics’ liens and other financial liens of any kind shall be listed;
(i) In connection with the common areas and recreational areas, a proposed management agreement and proposed rules will be furnished; and
(j) The forms to be used for agreements, promissory notes, deeds and other documents of title and documents related to the sale of the condominium units.
(2) No person may be denied the right to purchase or lease a unit based on race, religion, sex, sexual preference, marital status or national origin.
(3) Unit owners may not be required to be members of or participate in recreational or similar facilities that are not owned in fee by the unit owners or by an association in which the unit owners are members.
(4) Unit owners must be allowed to inspect financial books and records of the condominium association within seven business days after written request for examination is received by the association.
(Ord. 16-102, passed 4-4-2016)