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Ordinance No. <br />Page 12 <br /> <br /> 6.60.070 Fair return adjustments. <br /> <br /> (Subsection A, no change.) <br /> <br /> B. Terminology_ and Conce_Dts. Forthe purpose of fair return adjustment <br /> hearings, the following terminology and concepts shall apply: <br /> <br /> 1. Net operating income equals gross income less operating expenses and <br /> real property taxes. <br /> <br /> (Paragraph 2, no change. ) <br /> <br /> 3. Operating expenses shall include and exclude the following: <br /> <br /> a. The following may be included as operating expenses: <br /> <br /> (1) Utility costs, including water, sewer and refuse, to the <br /> extent that such costs are included in space rent; provided, <br /> however, that there shall be no pass through of the cost to <br /> maintain or rehabilitate utilities if the park owner is <br /> accepting a rebate from the utility company for that <br /> purpose. <br /> <br /> (Subparagraphs (2) - (7), no change.) <br /> b. The following shall not be included as operas expenses: <br /> <br /> (1) Debt service expenses, except as provided in Section <br /> 6.60.050D of this Chapter. <br /> <br /> (Subparagraphs (2) - (7), no change.) <br /> <br /> 4. Keal property taxes shall be as defined in subsection 6.60.020P of this <br /> Chapter. <br /> <br /> 5. Base year gross income, operatin~ expenses, and real property taxes for <br /> purposes of these fair return adjustment provisions shall mean gross <br /> income, operating expenses and real property taxes in the calendar year <br /> 1992; provided, however, that the gross income for 1992 shall be <br /> calculated based on all spaces having a monthly rent of $328.55 as of <br /> January 1, 1992. <br /> <br /> 6. In the event a fair return petition involves only a portion of the spaces in <br /> a park, the gross income, operating expenses and real property taxes shall <br /> be adjusted to reflect the portion of the park that is subject to this <br /> <br /> <br />