170Content of strata renewal plan

#### 170 Content of strata renewal plan 170 Content of strata renewal plan > > (1) A strata renewal plan for a strata scheme must include the following information— > > > > > (a) a general overview of the strata renewal proposal to which it relates, > > > > > (b) a full and frank statement by the proposed purchaser or developer of their intended use of the strata parcel, > > > > > (c) if the plan is for a collective sale of the scheme— > > > > > > > (i) the name of the purchaser, if known, or a proposal for marketing the parcel for sale by public auction or tender, and > > > > > > > (ii) the sale price (if known), or a minimum reserve price for the sale or details of the way in which a minimum reserve price for the sale is to be set, and > > > > > > > (iii) the proposed completion day for the sale, and > > > > > > > (iv) the proposed day on which the owners of the lots are to provide vacant possession of their lots, and > > > > > > > (v) the details, prescribed by the regulations, about costs and expenses to be deducted from the sale price, and > > > > > > > (vi) any other terms and conditions of the proposed sale that the strata renewal committee considers are significant, > > > > > (d) if the plan is for a redevelopment of the scheme— > > > > > > > (i) the name of the proposed developer, and > > > > > > > (ii) details of any planning approvals, or other authorisations under an Act or otherwise, required before the redevelopment can start, and > > > > > > > (iii) an estimate of the period from the start to completion of the redevelopment, and > > > > > > > (iv) details of any periods during which the owners of lots will be required to provide vacant possession because of the redevelopment, and > > > > > > > (v) details of arrangements for financing the redevelopment, and > > > > > > > (vi) details of the terms of settlement and the amounts to be paid to each dissenting owner for the purchase of the owner’s lot, and > > > > > > > (vii) details of the terms of settlement for each supporting owner including the amount and timing of any payments to be made to the owner and, if the owner has a right to buy back into any future scheme, details of that right, > > > > > (e) any other information or document about the proposed collective sale or redevelopment prescribed by the regulations. > > > (2) Subsection (1) does not limit the matters that may be included in a strata renewal plan. > > > (3) If a strata renewal plan is for a collective sale of a strata scheme, the plan must provide for the purchase of each owner’s lot at not less than the compensation value for the lot. > > > (4) If a strata renewal plan is for a redevelopment of a strata scheme, the plan must provide for each dissenting owner’s lot to be purchased at not less than the compensation value for the lot.