RES 88027 - Laserfiche WebLink

Capital Improvement Costs not yet recovered. Any principal and interest amounts so amortized and charged to the Home Owners shall be removed from their scheduled space rent at the end of the scheduled payback period. Capital Improvement Costs shall not be amortized unless they exceed $1,000. C. Home Owner Approval. Pass through costs for Capital Improvements which are under a cumulative sum of Five Thousand Dollars ($5,000.00) or are required to comply with a governmental act or regulation may be undertaken at the sole option of the Park Owner. Pass through costs for Capital Improvement over the $5,000.00 threshold, other than substantial rehabilitation of existing improvements or costs required to comply with a governmental act or regulation, shall require the approval of fifty percent (50%) plus one of the total number of occupied spaces within the Park. Each mobile home space shall constitute one vote regardless of the number of persons occupying the space. D. Duty to Maintain a Safe Premises. Disputes regarding whether a given Capital Improvement is required by a government act or regulation such as the duty of the Park Owner to maintain safe premises, shall be referred to the PMHC for resolution. VIII. CALCULATION OF OPERATING EXPENSES A. Includable Items. The following items may be included as operating expenses for purposes of Formula B: 1. Real property taxes and assessments. 2. Utility costs to the extent that they are included in space rent. However, there shall be no pass through of the cost of maintaining or rehabilitating utilities if the Owner is accepting a rebate from the utility company. 3. Management expenses including the compensation of administrative personnel, including the value of any mobile home space offered as part of compensation for such services, reasonable and necessary advertising to ensure occupancy only, legal and accounting services as permitted herein, and other managerial expenses. 4. Normal repair and maintenance expenses for the grounds and common facilities including but not limited to landscaping, cleaning, and repair of equipment and facilities. 5. Owner-performed labor in operating or maintaining the park. In addition to the management expenses listed above, where the owner performs managerial or maintenance services which are uncompensated, the owner may include the reasonable value of such services. No credit for such services shall be authorized unless a Park Owner documents the hours utilized in performing such services and the nature of the services provided. - 7 -