18-305 Right of tenant organizations, public entities, nonprofit corporations, and individual tenants to purchase.(a) A certified tenant organization or the City of Burlington or the city’s designated housing agency shall have the first right to purchase any rental housing that is proposed to be converted to condominium or cooperative ownership.
(b) This first right to purchase in a certified tenant organization, the city or its designee goes into effect at the time the first notice to tenants required by this article is issued by the owner. A copy of all such notices shall be sent to the certified tenant organization, the city and the city’s designated housing agency or agencies. This first right to purchase shall be a prior right to the right of an individual tenant to purchase his or her individual unit described in paragraph (i) below.
(c) At the request of the certified tenant organization, the city or the city’s designated housing agency, the owner shall provide within seven (7) working days of the request the following materials:
(1) A copy of any bona fide contract for sale which already exists between the owner and a third party;
(2) A rent schedule for the housing units;
(3) Operating expenses and income for the property for the previous two (2) years;
(4) List of capital expenditures for the previous five (5) years;
(5) Floor plans of the housing units and any common areas; and
(6) A list of any outstanding mortgages or liens against the property.