2002 FEBRUARY - Laserfiche WebLink

6.60.040 manager by October 2002 whether the park owner intends to use formula A or formula B in calculating annual rents. If a park owner fails to notify the city manager by October 1, 2002, which formula the owner intends to use, the owner shall use formula A. Thereafter the park owner shall not use a different formula without providing twelve (12) months' written notice to the city of its intention to do so. For purpose of the calculations in this section, where the terms operating expenses, real property taxes, and capital improvement costs are used, calculate these expenses by dividing such items by twelve (12) and further dividing by the number of mobilehome spaces within the mobile- home park. 1. Formula A: If a park owner selects _ formula A, the adjusted monthly rents shall be adjusted no more than once annually, beginning January 2003, and shall be calculated as set forth below: ed monthly rent. 2. If a park owner has selected for- mula Aand if there has been a change of park ownership (see California Reve- nue and Taxation Code, section 60 et seq.) and, as a result of that change of ownership, the "real property taxes" (as defined in this chapter) for the year (ending September 30) are more than one hundred five percent (105%) of the real property taxes for the prior year (ending September 30), the adjusted monthly rents shall be adjusted no more than once annually and shall be calcu- lated as set forth below: (a) From the adjusted monthly rent, subtract the capital improvement costs (see section 6.60.100 of this chapter) if any. This is the monthly rent. (b) Multiply (a) by the cost of liv- ing, but not less than 1 % nor by more than 5%. (a) From the adjusted monthly rent, subtract the capital improvement costs (see section 6.60.100 of this chapter) if any. This is the monthly rent. (b) Multiply (a) by the cost of liv- ing, but not less than 1% nor by more than 5%. (c) Add the amount in (b) to the monthly rent. (d) Add the capital improvement cost, if any, to (c). Round to the nearest half dollar. This is the adjust- (c) Calculate the real property taxes as provided in subsection 6.60.OSOA of this chapter. (d) Add the amount in (b) and (c) to the monthly rent. (e) Add the capital improvement cost, if any, to (d). Round to the nearest half dollar. This is the adjust- ed monthly rent. Thereafter, the adjusted monthly rents shall be adjusted no more than once annually and shall be calculated as follows: 192-43 (Pleasanton February 2002)