Sec. 47-265. Requirements for public offering statement when community is subject to development rights.
Sec. 47-265. Requirements for public offering statement when community is
subject to development rights. If the declaration provides that a common interest community is subject to any development rights, the public offering statement shall disclose,
in addition to the information required by section 47-264:
(1) The maximum number of units, and the maximum number of units per acre,
that may be created;
(2) A statement of how many or what percentage of the units that may be created
will be restricted exclusively to residential use, or a statement that no representations
are made regarding use restrictions;
(3) If any of the units that may be built within real property subject to development
rights are not to be restricted exclusively to residential use, a statement, with respect to
each portion of that real property, of the maximum percentage of the real property areas,
and the maximum percentage of the floor areas of all units that may be created therein,
that are not restricted exclusively to residential use;
(4) A brief narrative description of any development rights reserved by a declarant
and of any conditions relating to or limitations on the exercise of development rights;
(5) A statement of the maximum extent to which each unit's allocated interests may
be changed by the exercise of any development right described in subdivision (3) of
this section;
(6) A statement of the extent to which any buildings or other improvements that
may be erected pursuant to any development right in any part of the common interest
community will be compatible with existing buildings and improvements in the common
interest community in terms of architectural style, quality of construction and size, or
a statement that no assurances are made in those regards;
(7) General descriptions of all other improvements that may be made and limited
common elements that may be created within any part of the common interest community pursuant to any development right reserved by the declarant, or a statement that no
assurances are made in that regard;
(8) A statement of any limitations as to the locations of any building or other improvement that may be made within any part of the common interest community pursuant
to any development right reserved by the declarant, or a statement that no assurances
are made in that regard;
(9) A statement that any limited common elements created pursuant to any development right reserved by the declarant will be of the same general types and sizes as the
limited common elements within other parts of the common interest community, or a
statement of the types and sizes planned, or a statement that no assurances are made in
that regard;
(10) A statement that the proportion of limited common elements to units created
pursuant to any development right reserved by the declarant will be approximately equal
to the proportion existing within other parts of the common interest community, or a
statement of any other assurances in that regard, or a statement that no assurances are
made in that regard;
(11) A statement that all restrictions in the declaration affecting use, occupancy,
and alienation of units will apply to any units created pursuant to any development right
reserved by the declarant, or a statement of any differentiations that may be made as to
those units, or a statement that no assurances are made in that regard; and
(12) A statement of the extent to which any assurances made pursuant to this section
apply or do not apply in the event that any development right is not exercised by the
declarant.
(P.A. 83-474, S. 66, 96; P.A. 07-217, S. 181.)
History: P.A. 07-217 made a technical change in Subdiv. (5), effective July 12, 2007.
Cited. 207 C. 441.