1998 MAY - Laserfiche WebLink

6.60.050 financing costs, not to exceed the prime rate plus two percent (2%), for the capital improvement costs. E. Removal Of Capital Improvements Costs From Space Rent: Any principal and interest amounts amortized and charged to the homeowners shall be re- moved from their scheduled space rent at the end of the scheduled payback period. F. Homeowner Approval For Certain Capital Improvement Costs: New capi- tal improvement costs over five thou- sand dollars ($5,000.00) for parks with fifty (50) or more spaces, other than capital improvement costs required to comply with a governmental act or regulation, shall require the prior ap- proval of the homeowners in order for the park owner to use such costs in calculating an increase in monthly rents. New capital improvement costs over one thousand dollars ($1,000.00) for parks with fewer than fifty (50) spaces, other than capital improvement costs required to comply with a gov- ernmental act or regulation, shall re- quire the prior approval of the home- owners in order for the park owner to use such costs in calculating an in- crease in monthly rents. The park own- er shall put the matter to a vote of the homeowners and "prior approval" shall mean fifty percent (50%) plus one of the total number of homeowners who cast votes. G. Information Statement To Home- owners: If the notice informing home- owners of the increase in rents includes any allocation for capital improvement costs, then that notice shall also include an itemization of what capital improve- ments 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 regula- tion, such as the duty of the park owner to maintain safe premises, shall be referred to the PMC for resolution. (Ord. 1701 § 1, 1997; Ord. 1588 § 1, 1993) 6.60.060 Space Rent Adjustments: A park owner shall only adjust space rents as provided in subsection A or B of this Section. A. Formula A: If a park owner se- lects formula A, the adjusted monthly rents shall be adjusted no more than once annually and shall be calculated as set forth below: (1) From the adjusted monthly rent, subtract the capital improvement costs (see Section 6.60.050 of this Chapter) if any. This is the monthly rent. (2) Multiply (1) by the cost of living, but not less than 1% nor more than 5% of the monthly rent. (3) Add the amount in (2) to the monthly rent. (4) Add the capital improvement cost, if any, to (3). This is the adjusted monthly rent. If there has been a change of owner- ship, the adjusted monthly rents shall be adjusted no more than once annually and shall be calculated as set forth below: (1) From the adjusted monthly rent, subtract the capital improvement costs (Pleasanton 5-98) 192-44