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amount shall be increased each year, beginning on January 1, 2024, by the Cost of Living or by 5 Percent over the prior year's monthly rent, whichever is greater. • Provides that the Park owner may not sell any lots in the Park until January 1, 2033 In 2007, the Park owner filed an application with the City for a subdivision map to convert the Park from one which rents spaces to one in which residents would own not only their mobile homes but would also have the opportunity to own their own spaces (which would be considered condominiums). This application resulted in litigation. Ultimately, the City and the Park owner entered into a Settlement Agreement to resolve the litigation (Settlement Agreement). As part of the Settlement Agreement, the Park owner agreed not to sell any spaces in the Park until January 1, 2020; subsequently, the City approved the subdivision of the Park. Under the Proposed Amendment, the Park owner agrees not to sell any spaces in the Park until January 1, 2033. Response to the Proposed Agreement City staff provided the Park residents with a copy of the Proposed Amendment along with an overview of its terms, following which residents were given the opportunity to vote on whether they were in support of the Proposed Amendment. Each of the owners of the 208 spaces in the Park were provided with a ballot. The City received 115 ballots; of those, 101 were in favor of the Proposed Amendment and 14 were opposed to the Proposed Amendment. Based on this vote, City staff recommends that the City Council approve this Second Amendment to the Agreement with Pleasanton Mobile Home Park, L.P. for the Vineyard Villa Mobile Home Park. Jointly Submitted and Approved by: Fiscal Review: /Q4/ 1A/%— / Daniel G. Sodergren Gerry Beaudin Susan Hsieh City Attorney City Manager Finance Director Attachment: 1. Proposed Amendment Page 3 of 3