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1 4 <br />ORDINANCE NO. 1359 <br />AN ORDINANCE DECLARING A MORATORIUM <br />ON CONDOMINIUM CONVERSION <br />WHEREAS, the President and Board of Trustees of the Village <br />of Elk Grove Village have determined that the problem of regu- <br />lation of condominium conversion in the Village of Elk Grove <br />Village requires further investigation and analysis; and <br />WHEREAS, the President and Board of Trustees are consider- <br />ing the adoption of an ordinance regulating the conversion of <br />existing buildings to condominiums; and <br />WHEREAS, it has been determined that the best interests <br />of the Village requires that no further conversion to condominiums <br />of residential property take place until the Board of Trustees <br />acts upon the adoption of a condominium conversion ordinance; and <br />WHEREAS, it is believed that such an ordinance would be <br />ready for consideration within approximately ninety (90) days <br />from the date hereof; <br />NOW, THEREFORE, BE IT ORDAINED by the President and Board <br />of Trustees of the Village of Elk Grove Village, Counties of <br />Cook and DuPage, Illinois as follows: <br />Section 1: That pursuant to the home rule powers of the <br />Village, it shall be unlawful for any person, firm or corporation <br />to take any steps to effectuate the conversion of any residential <br />property in the Village of Elk Grove Village to condominium <br />ownership, pursuant to the Statutes of the State of Illinois. <br />That such moratorium shall be in full force and effect for <br />a period of ninety (90) days following the effective date of <br />this ordinance. <br />Section 2: The moratorium herein declared shall not affect <br />any condominium conversion which has commenced prior to the <br />effective date of this ordinance. For the purposes of this <br />section, a conversion shall have commenced if the developer shall <br />have filed with the County Recorder of Deeds the declaration <br />of condominium and plat of survey required by the Illinois <br />Condominium Act. <br />O <br />