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Ordinance No. 1701 <br /> Page 7 <br /> capital improvement costs over $1000 for parks with fewer than 50 spaces, other <br /> than 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. The park <br /> owner shall put the matter to a vote of the home owners and "prior approval" shall <br /> mean fifty percent (50%) plus one of the total number of home owners who cast <br /> votes. <br /> <br /> G. Information statement to home owners. If the notice informing home owners <br /> of the increase in rents includes any allocation for capital improvement costs, then <br /> that notice shall also include an iternization of what capital improvements were <br /> made and at what cost. <br /> <br /> H. Disputes as to certain capital improvements. Disputes regarding whether a <br /> given capital improvement is required by a government act or regulation, such as <br /> the duty of the park owner to maintain safe premises, shall be referred to the PMC <br /> for resolution. <br /> <br /> 6.60.060 Space rent adiustments. <br /> <br /> A park owner shall only adjust space rents as provided below. <br /> <br /> A. Ira park owner selects Formula A, the adjusted monthly rents shall be adjusted <br /> no more than once annually and shall be calculated as set forth below: <br /> <br />· (1) From the adjusted monthly rent subtract the capital improvement costs <br /> (Section 6.60.050) if any. This is the monthly rent. <br /> <br /> (2) Multiply (1) by the cost of living, but not less than 1% nor more than <br /> 5% of the monthly rent. <br /> <br /> (3) Add the amount in (2) to the monthly rent. <br /> <br /> (4) Add the capital improvement cost, if any, to (3). This is the adjusted <br /> monthly rent. <br /> <br /> If there has been a change of ownership, the adjusted monthly rents shall be <br /> adjusted no more than once annually and shall be calculated as set forth below: <br /> <br /> (1) From the adjusted monthly rent, subtract the capital improvement costs <br /> (Section 6.60.050) if any. This is the monthly rent. <br /> <br /> (2) Multiply (1) by the cost of living, but not less that 1% nor more than <br /> 5% of the monthly rent. <br /> <br /> <br />