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annual rate equivalent to the Bay Area <br /> Consumer Price Index or seven percent <br /> (7%), whichever is less. No rent increase <br /> allowed herein shall be established <br /> until one (1) year has elapsed from <br /> receipt of condominium conversion approval; <br /> subsequent rent increases shall be <br /> allowed no more frequently than annually. <br /> The terms and conditions of leases <br /> affecting tenants not residing in the <br /> project at the time of approval (e.g. <br /> upon change of occupancy) shall not be <br /> subject to any limitation contained <br /> herein." <br /> <br /> Section 3: Subsection 2-25.10(c) (Elderly and Handicapped <br /> Tenant Rights) of Chapter 15 (Condominium Conversion <br /> Projects) of Title II (Zoning and Development) of <br /> the Ordinance Code of the City of Pleasanton is <br /> hereby amended in its entirety to read as follows: <br /> <br /> "c. Elderly and Handicapped Tenant Rights. Any <br /> elderly or handicapped tenant, as defined in <br /> Section 2-25.02, who has occupied a dwelling <br /> unit or mobile home space in a proposed con- <br /> dominium conversion project for eighteen (18) <br /> months or more on the date of approval of the <br /> project shall have special leasehold rights. <br /> Elderly tenants shall have the right to lease <br /> their units for nine (9) years; handicapped <br /> tenants shall have the right to lease their <br /> units for seven (7) years. Such extended <br /> leases shall be under the same terms and <br /> conditions as existed at the time of activation <br /> of the application, except that rent may <br /> increase at an annual rate equivalent to the <br /> Bay Area Consumer Price Index or seven percent <br /> (7%), whichever is less. Extended leases <br /> shall begin as of the date of approval of the <br /> condominium conversion. At the time of <br /> conversion, any dwelling unit subject to this <br /> extended lease provision shall be refurbished <br /> at the expense of the developer in a like <br /> manner as those units to be sold as condominiums, <br /> and said dwelling unit shall be adequately <br /> maintained for the duration of the lease. <br /> ~efurbishing shall include all cosmetic <br /> improvements (painting, linoleum, carpeting, <br /> drapes, counters, etc.) as well as any structural <br /> changes required of converted units." <br /> <br />Section 4: The staff is hereby directed (i) to require as <br /> part of the condominium conversion application <br /> process a description of all tenant inducements <br /> offerred or to be offerred and the estimated time <br /> <br /> -2- <br /> <br /> <br />