When a formal offer to purchase is made on a property, the BHC Board is required to make three choices:
1. Whether or not to consent to the sale. There must be reasonable grounds for the BHC not to consent to the sale of a BHC property. For example, consent would be withheld if it is known that the purchaser would not be using the property as their principle residence; if the purchaser is not a resident of the Town of Banff and does not meet Parks Canada’s eligible resident requirements; or if the purchaser of the BHC unit was a business.
2. Whether or not to exercise their Right of First Refusal(ROFR) by matching the offer and acquiring 100% of the property for the BHC
3. Whether or not to continue the equity share arrangement with the new buyer. This decision is at the Board’s sole discretion, but is guided by an appraisal based process.
The Board has 15 days to make these decisions.
A sale can be completed only if the Board consents and if it decides not to exercise its ROFR. The equity share arrangement may or may not be extended to the new buyer. (See Article 8 of the sub-lease)BHC sub-lease