Laserfiche WebLink
Ordinance No. 1701 <br /> Page 6 <br /> Capital improvement costs shall not be amortized unless as to parks with 50 or <br /> more spaces they exceed ($5,000 and as to parks with fewer than 50 spaces, they <br /> exceed $1,000). Capital improvement costs are to be calculated on an <br /> improvement by improvement basis and not collectively, although costs can be <br /> accumulated for the same capital improvement over a twelve month period. Any <br /> costs as to any particular capital improvement that are under the threshold <br /> mounts ($5,000/$1,000) shall not be amortized but shall be used by a park owner <br /> using Formula B to calculate rent increases. <br /> <br /> B. Amortization periods for parks with 50 or more spaces. For any park with 50 <br /> or more spaces, the capital improvement amortization periods shall be as follows: <br /> <br /> $ 5,000 - $ 9,999 2 years <br /> 10,000 - 14,999 3 years <br /> 15,000 - 19,999 4 years <br /> 20,000 - 29,999 5 years <br /> 30,000 - 39,999 6 years <br /> 40,000 - 49,999 7 years <br /> 50,000 + 8 years <br /> <br /> C. Amortization periods for parks with less than 50 spaces. For any park with <br /> less than 50 spaces, the capital improvement amortization periods shall be as <br /> follows: <br /> <br /> $ 1,000 - 2,499 2 years <br />· 2,500 - 4,999 3 years <br /> 5,000 - 8,999 4 years <br /> 9,000 - 13,999 5 years <br /> 14,000 - 19,999 6 years <br /> 20,000 - 29,999 7 years <br /> 30,000+ 8 years <br /> <br /> D. Financing costs. If the capital improvement costs are amortized, the park <br /> owner may include reasonable financing costs, not to exceed the prime rate plus <br /> two percent (2%), for the capital improvement costs. <br /> <br /> E. Removal of capital improvements costs fi'om space rent. Any principal and <br /> interest amounts amortized and charged to the home owners shall be removed <br /> ~'om their scheduled space rent at the end of the scheduled payback period. <br /> <br /> F. Home owner approval for certain capital improvement costs. New capital <br /> improvement costs over $5,000 for parks with 50 or more spaces, other than <br /> capital improvement costs required to comply with a governmental act or <br /> regulation, shall require the prior approval of the home owners in order for the <br /> park owner to use such costs in calculating an increase in monthly rents. New <br /> <br /> <br />