HomeMy WebLinkAbout12 - Code Update Recommendations Related to Fractional Homeownership (PA2022-0202) - Week In ReviewMarch 14, 2023
Agenda Item No. 12
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Community Members:
On Tuesday, March 14, the City Council will discuss the topic of
fractional ownership, which has been of interest to many in our
community. Fractional ownership is where multiple property buyers,
generally organized under an umbrella corporation, purchase
percentages of homes for the right to use the home part-time.
At Tuesday's City Council meeting, staff will present information on
fractional ownership and recommendations from the Planning
Commission, and Council members will provide direction to staff on
potential future revisions to the City's Municipal Code.
The meeting continues a Council discussion that began with a September 2022 study
session examining survey data from other jurisdictions and receiving input from concerned
residents. At the Council's direction, for the last several months, the City's Planning
Commission examined the issue through an ad hoc committee, which met with residents
and stakeholders. The committee completed its work and presented recommendations to
the full Planning Commission last month.
The Planning Commission provided two recommendations for the City Council's
consideration. Its preferred recommendation is to broaden the definition of timeshare to
include fractional homeownership, which would effectively prohibit fractional
homeownership in residential zoning districts. The Commission's alternative
recommendation is to create a regulatory framework allowing fractional homeownership that
would include a number of components including location restrictions, a maximum cap on
the number of units allowed, and practical regulations such as parking requirements and
noise restrictions.
If this issue is of interest, I encourage you to attend Tuesday's meeting or watch live
online. Council meetings are also archived for later viewing on the City's YouTube channel.
City Manager, Grace K. Leung