§ 25.02.010. Definitions.

For the purpose of this title certain words and phrases used herein are defined as follows:

"Capital improvements" means those improvements that materially add to the value of the property and appreciably prolong its useful life or adapt it to new uses, and which may be amortized over the useful life of the improvement in accordance with the Internal Revenue Code and regulations issued pursuant thereto, provided that this definition shall be limited to capital improvements either approved by more than fifty percent of the tenants in the affected park or constructed to comply with the direction of a public agency.

Just and Reasonable Return on the Property. The phrase "just and reasonable return on the property" shall mean a return based upon the actual capital investment of the owner of the mobilehome park as of December 31, 1982, which will allow an efficient owner a rate of return, with adjustments for inflation or deflation, sufficient to enable the owner to maintain the same net profit as obtained in the year January 1, 1982 to December 31, 1982. The phrase "just and reasonable return on the property" for any mobilehome park completed after December 31, 1982, shall mean a return based upon the actual capital investment of the owner of the mobilehome park as of the date of completion, which will allow an efficient owner a rate of return, with adjustments for inflation or deflation, sufficient to enable the owner to maintain a reasonable profit. The phrase "just and reasonable return on the property" for any mobilehome park purchased after December 31, 1982, shall mean a return based upon the actual capital investment of the owner of the mobilehome park at the time of purchase which will allow an efficient owner a rate of return, with adjustments for inflation or deflation sufficient to enable the owner to maintain the same net profit as obtained in the first full fiscal year after the purchase.

"Mobilehome park" means an area of land which rents spaces for mobilehome dwelling units.

"Mobilehome park owner" or "owner" means the owner, lessor, operator or manager of a mobilehome park.

"Mobilehome park rent review board" or "board" means the mobilehome park rent review board established by this chapter.

"Mobilehome tenant" or "tenant" means any person entitled to occupy a mobilehome within a mobilehome park pursuant to ownership of the mobilehome or under a rental or lease agreement with the owner of the mobilehome.

"Rehabilitation work" means any renovation or repair work completed or in a mobilehome park performed in order to comply with the direction or order of a public agency or to repair damage resulting from fire, earthquake or other casualty.

"Space rent" means the consideration, including any security deposits, bonuses, benefits or gratuities, demanded or received in connection with the use and occupancy of a mobilehome space in a mobilehome park, or for housing services provided, but exclusive of any amount paid for the use of a mobilehome dwelling unit.

(Ord. 2342 § 4 (Exh. A) (part), 1988)