ORD 1847 - Laserfiche WebLink

Ordinance No. 1847 Page Two 6.60.100 Capital Improvement Costs. A. Capital Improvements; Amortization. If a Park Owner constructs new Capital Improvements, the Park Owner shall amortize the costs, and shall be allowed to pass through to the Residents the amortized costs, as provided in this Article. In addition, attached as Exhibits D-1, D-2 and D-3 are the Capital Improvements which exist at three of the Parks and their original construction costs. Ifa Park Owner rehabilitates or replaces any existing Capital Improvements, a Park Owner shall amortize (as provided in this Article), and shall be allowed to pass through to the Residents, the difference between the original cost of the Capital Improvement and the cost to rehabilitate or replace the Capital Improvement, unless the useful life of such Improvement has expired. In that case, a Park Owner shall amortize the entire cost of the Capital Improvement, and shall be allowed to pass through to the Residents the amortized cost. Capital Improvement costs shall not be amortized unless as to Vineyard Mobile Villa and/or Hacienda Mobilehome Park they exceed $10,000 and as to Fairview Trailer Park and/or the Pleasanton Mobilehome Park, they exceed $2,000; provided, however, that if in any one year the Park Owner of the Vineyard Mobile Villa and/or the Hacienda Mobilehome Park constructs two or more Capital Improvements, the cost of which each exceeds $5,000, then such costs may be amortized over a three year period. Except as provided in the previous sentence, Capital Improvement costs are to be calculated on an Improvement by Improvement basis and not collectively, although costs can be accumulated for the same Capital Improvement over a twelve month period. Any costs as to any particular Capital Improvement that are under the threshold amounts ($10,000/ $2,000) shall not be amortized. Any Capital Improvement costs that are for maintaining, replacing, or repairing utilities shall not be amortized if the Park Owner receives a reimbursement from a utility company for that purpose. Subsections B-D, no change. E. Removal of Capital Improvements Costs from Space Rent. Whenever a Capital Improvement cost has been amortized and passed through to the Residents in the form ora rent increase on their monthly rent statements, the Owner shall remove this cost as a line item on the monthly rent statements once the Owner has fully recovered such cost.