SF 1177

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to manufactured home parks; requiring certain
notices before the sale of a park; proposing coding
for new law in Minnesota Statutes, chapter 327.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [327.291] NOTICE REQUIRED BEFORE SALE.
new text end

new text begin Subdivision 1. new text end

new text begin Notice. new text end

new text begin No manufactured home park owner
shall make a final unconditional acceptance of any offer for the
sale or transfer of a manufactured home park without first
giving 30 days' written notice to each tenant and to the
Minnesota Housing Finance Agency of the owner's intention to
sell the manufactured home park and of the price, terms, and
conditions of an acceptable offer that has been received by the
owner.
new text end

new text begin Subd. 2. new text end

new text begin Tenants right to purchase. new text end

new text begin If, during the
notice period in subdivision 1, the tenants or a tenants'
association matches the acceptable offer received by the owner
and provides evidence that sufficient funding has been committed
to complete the purchase, the tenants or tenants' association
shall have the right to purchase the park at the price and upon
the terms and conditions of the acceptable offer. When a right
to purchase arises under this subdivision, the tenants or
tenants' association shall have an additional 30-day period to
finalize the structure of the transaction.
new text end