Chapter 15.35
STOCK COOPERATIVES
Sections:
15.35.030 Permit—Application—Procedure.
15.35.040 Permit—Application—Decision.
15.35.050 Permit—Denial, appeal.
15.35.010 Definitions.
The term "stock cooperative multiple dwelling" refers to any multiple-residential dwelling, title to which is held by a corporation, either in fee simple or for a term of years, if all or substantially all of the shareholders of such corporation receive a right of exclusive occupancy in a portion of the multiple dwelling, which right of occupancy is transferable only concurrently with the transfer of the share or shares of stock in the corporation held by the person having such right of occupancy. (Ord. 614 Art. I(a), 1977).
15.35.020 Permit—Required.
No multiple dwelling or apartment house having five or more units shall be converted from rental housing to a stock cooperative multiple dwelling until a permit therefor has been granted. (Ord. 614 Art. I(b), 1977).
15.35.030 Permit—Application—Procedure.
Application for a permit authorizing conversion from rental housing to stock cooperative multiple dwelling shall be made in writing by the owners of the property, lessee, purchaser in escrow, or optionee, with the consent of the owners, on a form prescribed by the planning commission. The application shall be accompanied by a fee set by the City Council. (Ord. 614 Art. I(c), (d), 1977).
15.35.040 Permit—Application—Derision.
(a) The planning commission may approve or deny the application.
(b) An application for conversion of rental housing to a stock cooperative multiple dwelling shall not be granted unless the planning commission or City Council determines that the conversion is consistent with the public health, safety and welfare, and with the city’s comprehensive plan and the housing element thereof. In making such determinations, the planning commission or the City Council may consider such factors relevant to public health, safety or welfare as appear in each particular case, and shall consider that all provisions in the city’s comprehensive plan and the housing element thereof relating to the conversion of multiple dwellings and apartment houses into condominiums are equally applicable to the conversion of multiple dwellings and apartment houses into stock cooperative multiple dwellings. (Ord. 614 Art. 1 (d), (f), 1977).
15.35.050 Permit—Denial, appeal.
The action of the planning commission may be appealed to the City Council in accordance with Section 16.82.040. (Ord. 614 Art. 1 (e), 1977).