ORD 1588 - Laserfiche WebLink

For 1994 and thereafter, adjust the base year Net Operating Income by adding thereto 100% of the increase in the Cost of Living; subtract therefrom the current year Net Operating Income; and divide by the current year gross rents. H. It is presumed subject to rebuttal that this formula will provide a fair and reasonable return on investment. The Park Owner may establish by clear and convincing evidence that this formula will not provide a fair and reasonable return on investment, and that an alternative method should be used by the Hearing Officer in evaluating the petition. In evaluating the petition, the Hearing Officer may consider any relevant factors necessary to permit a fair and reasonable return on investment. Section 6.60.080 Fair Return Adjustment Procedures. A. Fair Return Petitions. 1. If a Park Owner wishes to increase rent for any mobilehome space more than as provided in Section 6.60,060, the Park Owner shall submit a fair return petition to the City Manager. 2. A fair return petition shall contain at least the following information: a. The address of the mobilehome park; b. The name, address of each tenant and space number of each mobilehome park space for which a rent increase is requested; c. The amount of the requested rent increase, stated in dollars and cents; d. The facts supporting the requested rent increase, including supporting documentation; e. The actual Operating and Government Regulated expenses by category for the mobilehome park for a two year period ending no more than four months before the proposed effective date of the increase; f. The current and proposed rent schedules for each space in the Mobilehome Park; g. A schedule of other fees and income from the Mobilehome Park; - 14 -