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BACKGROUND <br /> The City has adopted a mobilehome rent stabilization ordinance, codified at Chapter <br /> 6.60 of the Pleasanton Municipal Code ("Mobilehome Ordinance"). Mobilehome park <br /> owners who enter into rent stabilization agreements with the City are exempt from the <br /> Mobilehome Ordinance. <br /> The Hacienda Mobilehome Park ("Park"), located at 3231 Vineyard Avenue, has been <br /> subject to a rent stabilization agreement since 1988. The current agreement was <br /> entered into in 2013 and was set to expire on December 31 , 2018. However, it has <br /> been extended until March 31, 2019 in order to allow for a new long-term agreement to <br /> be negotiated. <br /> DISCUSSION <br /> By a vote of the Park residents, an Agreement Committee was formed to work with the <br /> City and Pleasanton Hacienda 1 , LP ("Park owner") to establish the terms of a new <br /> long-term agreement. City staff had several meetings with the Agreement Committee <br /> and the Park Owner which resulted in a proposed agreement, a copy of which is <br /> attached. <br /> Key Terms of Proposed Agreement <br /> The following are some of the key terms of the proposed agreement: <br /> A. Term <br /> The term of the proposed agreement is through December 31 , 2029, or approximately <br /> 10 years and 9 months. <br /> B. Annual Increases to Monthly Rent <br /> Under the City's Mobilehome Ordinance, the Park owner would be allowed to increase <br /> monthly rents by the Cost of Living, but not less than 1 percent nor more than 5 percent. <br /> Under the current agreement, the Park owner may increase monthly rents each year by <br /> the Cost of Living, but not less than 1 .5 percent nor more than 5 percent. "Cost of <br /> Living" means the change in the consumer price index for the San Francisco-Oakland- <br /> San Jose Metropolitan Area for the 12-month period ending in August each year as <br /> published by the Bureau of Labor Statistics. The current Cost of Living is 4.3 percent. <br /> Under the proposed agreement, the Park owner may increase monthly rent each year <br /> as follows: <br /> 1. The monthly rent for residents who first occupied their <br /> spaces prior to January 1 , 2002, may be increased by the Social Security Cost of <br /> Living. "Social Security Cost of Living" means the annual change in the Social <br /> Security Cost of Living published by the federal Social Security Administration <br /> Page 2 of 4 <br />