30Strata renewal proposal

#### 30 Strata renewal proposal 30 Strata renewal proposal > > (1) For the purposes of section 156 (2) of the Act, a strata renewal proposal must include the following— > > > > > (a) the warning notice set out in subclause (2), > > > > > (b) the name and address of the person giving the proposal (the proponent), > > > > > (c) details of the financial interests (if any) that the proponent has in any of the lots in the strata scheme, > > > > > (d) a general description of the proposal and the purpose of the proposal, > > > > > (e) how the proposal will be funded, > > > > > (f) an estimate of the total cost (including application fees and legal fees) of obtaining an order from the court to give effect to the strata renewal plan, > > > > > (g) whether the proponent will provide any monetary contributions (whether initial or continuing) towards the reasonable costs and expenses incurred by the strata renewal committee or owners corporation in relation to the following— > > > > > > > (i) preparing a strata renewal plan, > > > > > > > (ii) obtaining specialist consultant reports, > > > > > > > (iii) obtaining an order from the court to give effect to the plan, > > > > > (h) if the proponent is to provide any monetary contributions, what (if any) security (such as cash, bond, bank guarantee) will be provided, > > > > > (i) the potential (if any) for owners to buy back into the development following the collective sale or redevelopment, > > > > > (j) if the proposal is for a collective sale of the strata scheme— > > > > > > > (i) an indicative sale price and an explanation of how that price was determined and the distribution of that sale price on current unit entitlements, and > > > > > > > (ii) the proposed timetable for the collective sale, including a proposed completion date and the proposed date by which owners will be required to vacate premises forming part of the scheme, > > > > > (k) if the proposal is for the redevelopment of the strata scheme— > > > > > > > (i) details of the proposed terms of settlement that are to be offered to each lot owner, and > > > > > > > (ii) how the redevelopment will be funded by the proponent, and > > > > > > > (iii) details of any planning approvals and other authorisations that would be required before the redevelopment can start and how and when the proponent intends to obtain those approvals and authorisations and whether they will be obtained before an application is to be made to the court for an order to give effect to the strata renewal plan, and > > > > > > > (iv) the proposed timetable for the development, including an estimate of the period from the start of the redevelopment to its completion, and > > > > > > > (v) the estimated date on which owners must provide vacant possession to the proponent. > > > (2) The warning notice required by subclause (1) (a) is to be to the effect of the following, being a notice on the front of the proposal that is legibly printed, in bold type, with the words shown in capital letters in the heading being at least 14 point, and the rest of the notice printed in letters at least 10 point— > > > > IMPORTANT NOTICE TO OWNERS IN STRATA PLAN \[*insert plan number*\] > > > > This renewal proposal may have significant legal, financial and taxation consequences for you. It may also impact on the rights of your tenants, mortgagees, covenant chargees or caveators which may in turn have impacts on you. You should ensure that you understand your rights and obligations and how this proposal will affect you.