11 - Laserfiche WebLink

review the cost estimate of the proposed capital improvement, whether the capital improvement is new or to replace/rehabilitate an existing improvement. G. Information Statement to Residents. If the notice informing residents of the increase in rents includes any allocation for capital improvement costs, then that notice shall also include an itemization of what capital improvements were made and at what cost. H. Disputes as to Certain Capital Improvements. Disputes regarding whether a given capital improvement is required by a government act or regulation, such as the duty of the park owner to maintain safe premises, shall be referred to the city manager for resolution. Disputes as to whether the useful life of an existing capital improvement has expired shall be governed by Section 6.60.030 of this chapter. (Ord. 1847 § 1, 2002; Ord. 1843 § 2, 2001) Examples Example 1 Replace Clubhouse roof at a cost of$25,000. Rehabilitation or repair of existing capital improvement does not require prior approval of residents. Original clubhouse cost was $69,585; assume roof portion of that estimated to have been $5,000. Per part C, amortize over 5 years because new roof between $20,000 and $29,999. Take difference between original cost(of roof only) and new roof, $25,000 - $5,000 = $20,000 (But if useful life of roof has ended, then can pass on entire cost, so calculations below would be based on entire $25,000 figure and yield payment of$2.69 per month) $20,000/5 years = $4000/year 4$000/12 months= $333.33/month $333.33/149 spaces= $2.24/month per space for 5 years Example 2 New capital improvement. Installation of Pilates equipment at cost of$35,000. Agreement Providing for Stabilization of Mobilehome Space Rents October 1,2013