HF 2726

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to manufactured home parks; requiring certain 
  1.3             notices before the sale of a park; proposing coding 
  1.4             for new law in Minnesota Statutes, chapter 327. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [327.29] [NOTICE REQUIRED BEFORE SALE.] 
  1.7      Subdivision 1.  [NOTICE.] No manufactured home park owner 
  1.8   shall make a final unconditional acceptance of any offer for the 
  1.9   sale or transfer of a manufactured home park without first 
  1.10  giving 60 days' written notice to each tenant and to the 
  1.11  Minnesota Housing Finance Agency of the owner's intention to 
  1.12  sell the manufactured home park and of the price, terms, and 
  1.13  conditions of an acceptable offer that has been received by the 
  1.14  owner. 
  1.15     Subd. 2.  [TENANTS RIGHT TO PURCHASE.] If, during the 
  1.16  notice period in subdivision 1, the tenants or a tenants' 
  1.17  association matches the acceptable offer received by the owner 
  1.18  and provides evidence that sufficient funding has been committed 
  1.19  to complete the purchase, the tenants or tenants' association 
  1.20  shall have the right to purchase the park at the price and upon 
  1.21  the terms and conditions of the acceptable offer.  When a right 
  1.22  to purchase arises under this subdivision, the tenants or 
  1.23  tenants' association shall have an additional 60-day period to 
  1.24  finalize the structure of the transaction.