If the landlord is operating in a negative cash flow due to existing rents and allowable costs/expenses, then upon petition to the City Council, the City Council may make a determination on the “fair and reasonable rent” based on a request from the landlord. The request must be made in writing, describing all facts to the negative cash flow, provide any documents to be considered by the City Council, and be on an approved form the city will provide. The allowable costs and expenses will be decided by the City Council in its sole discretion. The City Council’s decision will be final. For a petition under this section, the hearing process and procedures under § 117.05 will apply.
(Ord. 1447, passed 10-21-20; Am. Ord. 1501, passed 4-5-23)