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58 <br /> Approved 10/7/15 <br /> 54 individually owned and if we go with the condo model people will own the interior of the units. However,with the <br /> 55 cooperative model every member is an equal shareholder that owns all the land and buildings which provides the <br /> 56 option for a long term lease of their unit. <br /> 57 <br /> 58 Lisa Stuckey: So everyone has to be an equal owner? <br /> 59 <br /> 60 Katherine Ansardi: They have to have an equal voting share. <br /> 61 <br /> 62 James Lea: Can you sublease the unit? <br /> 63 <br /> 64 Katherine Ansardi: We are discussing that and trying to determine that. <br /> 65 <br /> 66 James Lea: What happens when someone dies? <br /> 67 <br /> 68 Katherine Ansardi:You are getting into details that I don't have all the answers to. My understanding is that when <br /> 69 someone buys into the coop they have an economic interest in the community that may be passed onto kin after they <br /> 70 pass which they can sell.Their heir would not be automatically a member of their coop, but they would have the right <br /> 71 to their share to be sold. The cooperative may buy that unit back. <br /> 72 <br /> 73 Lisa Stuckey: Our approval doesn't relate to how they set up their ownership? <br /> 74 <br /> 75 Pete Hallenbeck: Our next step is the statement of consistency which does not directly relate to ownership. <br /> 76 <br /> 77 Michael Harvey: The ownership model was a concern at the public hearing because Board members wanted <br /> 78 information of how this would be set up and the applicant is still figuring that out. They have provided additional <br /> 79 information on page 17 and 18. <br /> 80 <br /> 81 Michael Harvey reviewed the recommendation. <br /> 82 <br /> 83 MOTION made by Lisa Stuckey to recommend approval of the statement of consistency. Buddy Hartley seconded. <br /> 84 VOTE: Unanimous <br /> 85 <br /> 86 MOTION made by Lisa Stuckey to approve the ordinance of approval as amended. Laura Nicholson seconded. <br /> 87 VOTE: Unanimous <br /> 88 <br /> 2 <br />