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State law gives cities notice rights for some multifamily sales; council told city can choose whether to act
Summary
Presenters said a law requires sellers of certain multifamily rental properties (5+ units) to notify municipalities and grants the city a right of first refusal/offer; the city is not required to purchase but will begin receiving notices.
Evan King told council that a recent bill gives cities a right of first refusal and right of first offer on certain multifamily rental properties (those with five or more dwelling units) that are sold. "It requires the seller to give notice to the city," King said, adding the city may choose to act on the notice but is not obligated to purchase.
Council asked whether recent local sales (reference to a development called "The Citadel") would have triggered the notice; King said cities are beginning to receive notifications and that the rule applies to multifamily rental properties once they fall within the statutory definition. Staff will monitor incoming notices and advise on any potential city response.
