Colorado Revised Statutes Title 38. Property Real and Personal § 38-33.3-116. Exception for new small cooperatives and small and limited-expense planned communities

(1)(a) Except as described in subsection (4) of this section, if a cooperative or planned community was created in this state on or after July 1, 1992, and either contains only units restricted to nonresidential use or contains no more than twenty units and is not subject to any development rights, it is subject only to sections 38-33.3-105 to 38-33.3-107, unless the declaration provides that this entire article 33.3 is applicable.

(b) Except as described in subsection (4) of this section, if a planned community provides in its declaration that the annual average common expense liability of each unit restricted to residential purposes, exclusive of optional user fees and any insurance premiums paid by the association, must not exceed four hundred dollars, as adjusted pursuant to subsection (3) of this section, it is subject only to sections 38-33.3-105 to 38-33.3-107, unless the declaration provides that this entire article 33.3 is applicable.

(3)(a) The amount of the dollar limitation set forth in subsection (1)(b) of this section must be increased annually on July 1, 1999, and on July 1 of each succeeding year in accordance with any increase in the United States department of labor bureau of labor statistics final consumer price index for the Denver-Boulder consolidated metropolitan statistical area for the preceding calendar year. The amount of the limitation must not be increased if the final consumer price index for the preceding calendar year did not increase and must not be decreased if the final consumer price index for the preceding calendar year decreased.

(b) The amount of the dollar limitation set forth in subsection (1)(b) of this section, as adjusted as described in subsection (3)(a) of this section, applies to each planned community described in subsection (1)(b) of this section, regardless of when the planned community was created.