2002 FEBRUARY - Laserfiche WebLink

6.60.100 ~.~... villa and/or the Hacienda mobilehome park constructs two (2) or more capital improvements, the cost of which each exceeds five thousand dollars ($5,000.00) but each of which is less than ten thousand dollars ($10,000.00), then such costs may be amortized over a three (3) year period. Except as pro- vided in the previous sentence, capital improvement costs are to be calculated on an improvement by improvement basis and not collectively, although costs can be accumulated for the same capital improvement over a twelve (12) month period. Any costs as to any particular capital improvement that are under the threshold amounts ($10,000.00/$2,000.00) shall not be amortized. Any capital improvement costs that are for maintaining, replacing or repairing utilities shall not be amor- tized if the park owner receives a reim- bursement from a utility company for that purpose. B. Amortization Periods, Vineyard Mobile Villa And Hacienda Mobile- home Park: For the Vineyard mobile villa and the Hacienda mobilehome park, the capital improvement amorti- zation periods shall be as follows: $10,000.00 - $14,999.00 3 years 15,000.00 - 19,999.00 4 years 20,000.00 - 29,999.00 5 years 30,000.00 - 39,999.00 6 years 40,000.00 - 49,999.00 7 years 50,000.00 + 8 years C. Amortization Periods For Parks With Less Than Fifty Spaces: For any park with less than fifty (50) spaces, the capital improvement amortization periods shall be as follows: $ 2,000.00 - $ 3,499.00 2 years 3,500.00 - 5,999.00 3 years 6,000.00 - 8,999.00 4 years 9,000.00 - 13,999.00 5 years 14,000.00 - 19,999.00 6 years 20,000.00 - 29,999.00 7 years 30,000.00 + 8 years D. Financing Costs: If the capital im- provement costs are amortized, the park owner may include reasonable financ- ing 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 residents shall be re- moved from their scheduled space rent at the end of the scheduled payback period. F. Resident Approval For Certain Capital Improvement Costs: New capi- tal improvement costs over ten thou- sand dollars ($10,000.00) 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 residents in order for the park owner to use such costs in calcu- lating an increase in monthly rents. New capital improvement costs over two thousand dollars ($2,000.00) for parks with fewer than fifty (50) spaces, other than capital improvement costs required to comply with a governmental act or regulation, shall require the prior 192-59 (Pleasanton February 2002)