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prior to October 1st of each year, which is based on the Consumer Price Index for Urban Wage and Clerical Workers (CPI-W) published by the Bureau of Labor Statistics. The current Social Security Cost of Living is 2.8 percent. 2. The monthly rent for residents who first occupied their spaces after January 1, 2002, may be increased by the Cost of Living, but not less than 1.5 percent nor more than 3.95 percent. If the Proposed Agreement is approved. these monthly rent increases will be applied to the monthly rent that was in place as of December 31, 2018 and will be effective on March 1 , 2019. The Park owner will issue a credit to any residents who paid monthly rents in excess of these amounts. C. New Monthly Rent upon a Transfer of Ownership Under the City's Mobilehome Ordinance, the Park owner would not be able to increase space rents upon a transfer of ownership. Under the current agreement, upon a transfer of ownership, the Park owner may increase the monthly rent for that space by multiplying the highest monthly rent in effect for that year in the Park by the Cost of Living, but no more than 5 percent above the maximum space rent in the Park. The Park owner may also may increase the monthly rent by up to $15.00 after applying the Cost of Living increase. Under the proposed agreement, upon a transfer of ownership, the Park owner may increase the monthly rent for that space as follows: 1 . For transfers of ownership that occur between the effective date of the agreement and September 30, 2019, the Park owner may establish a new monthly rent of $1,430. 2. For transfers of ownership that occur between October 1 , 2019 and September 30, 2020, the Park owner may adjust monthly rent by: (a) adding $30.00 to the existing monthly rent; and (b) adding a Cost of Living increase, but no less than 3 percent to that amount. 3. For transfers of ownership that occur on October 1 , 2020, and each year thereafter, the formula set forth in section 2, above, shall be used. II. Outreach to Park Residents City staff held an all Park meeting on February 20, 2019, to review the agreement with Park residents and answer any questions. City staff also provided the Park residents with a copy of the agreement along with an overview of its terms prior to the meeting. Park residents were given the opportunity to vote on whether they were in support of the proposed agreement. Each of the owners of the 149 spaces in the Park were provided Page 3 of 4