ORD 1843 - Laserfiche WebLink

(c) Calculate the real property taxes as provided in subsection 6.60.050A of this Chapter. (d) Add the mount in (b) and (c) to the monthly rent. (e) Add the capital improvement cost, if any; to (d). Round to the nearest half dollar. This is the adjusted monthly rent. Thereafter, the Adjusted Monthly Rents shall be adjusted no more than once annually and shall be calculated as follows: (a) From the Adjusted Monthly Rent subtract the Capital Improvement costs (see Section6.60.100) if any, and the Real Property Taxes. This is the Monthly Rent. (b) Multiply (a) by the Cost of Living, bnt not less than 1% nor more than 5%. (c) chapter. Calculate the Real Property Taxes as provided in subsection 6.60.050 A of this (d) Add the amount in (b) and (c) to the Monthly Rent. (e) Add the Capital Improvement cost, if any, to (4). Round to the nearest half dollar. This is the Adjusted Monthly Rent. 3. Formula B: Ifa park owner selects Formula B, the adjusted monthly rents shall be adjusted no more than once annually, beginning January 2003, and shall be calculated as set forth below: For 2003: (a) From the adjusted monthly rent, subtract the capital improvement costs (see Section 6.60.100 of this Chapter), if any. This is the monthly rent. (b) Subtract from (a) the operating expenses and the real property taxes paid from October 1, 2000 through September 30, 2001. This equals the 2002 base rent. (c) Multiply (b) by the cost of living, but not by less than 1% or by more than 5%. (This number represents the park owner's "rem on investment"; when added to the base rent in (b), it yields the base rent for 2003.) (d) Calculate the operating expenses paid between October 1, 2001 and September 30, 2002 and include any carryover operating expenses from the previous year or years; provided, however, that this amount shall not exceed 105% of the allowable operating expenses (including carryovers from previous 9