CITY OF PARKSVILLE POLICY SUBJECT: Strata Title Conversions POLICY NO: 4.12 RESO. NO: 6997(3) CROSS REF: ________________________________________________________________ EFFECTIVE DATE: March 4, 1985 APPROVED BY: Council ________________________________________________________________ REVISION DATE: December 15, 1997 RESO. NO: 97-605 CROSS REF: PAGE 1 OF 2 PURPOSE To regulate the conversion of rental units into strata title units and to prevent the eviction of existing rental tenants. POLICY 1. Applications for strata conversions of three or more rental units shall not be considered if: a) the ratio of rental units over privately owned units is less than 25%; b) the vacancy rate for apartment units computed on April and October of each year by CMHC for the area is less than 3%. 2. Duplex applications will be considered independent of the vacancy rate. 3. Strata conversions shall be completed within eighteen months of Council approval after which time the approval lapses unless an extension has been granted by Council upon request by the owner. The applicant is required to enter into and register a Restrictive Covenant, at his/her cost, with priority over other charges preventing the eviction of existing tenants for a period of three years. …/2 Policy No. 4.12 Strata Title Conversions Page 2 of 2 PROCEDURE The applicant submits a written request to the Planning Committee to convert a rental building for strata title conversion with the following documentation: a) an Engineer's Certificate indicating the building substantially complies with the City's current Building Bylaw; the National Building Code and the Condominium Act; b) a statement indicating the life expectancy of the building; c) the projected major increases in maintenance costs due to the condition of the building. ooOOoo I:\Users\ADMINISTRATION\Corporate POLICY Manual - 0340\Sect 4 Dev Services\4.12 Strata Title Conversions.doc .