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(A) (1) If a resident cannot relocate the manufactured home within a 25-mile radius of the park that is being closed or some other agreed upon distance, the resident is entitled to additional compensation to be paid by the purchaser of the park, in order to mitigate the adverse financial impact of the park closing.
(2) If the resident tenders the title to the manufactured home, the additional compensation shall be in an amount equal to the estimated market value of the manufactured home as determined by the City Assessor and as reported on the resident’s most recent property tax statement. The purchaser of the park shall pay such compensation into escrow account, established by the park owner, for distribution upon transfer of title to the home. Such compensation shall be paid to the displaced residents no later than 30 days prior to the closing of the park or its conversion to another use.
(B) If a resident cannot relocate the manufactured home within a 25-mile radius of the park which is being closed or some other agreed upon distance, the resident is entitled to relocation costs based upon an average of relocation costs awarded to other residents in the park.
(C) The total compensation to be paid to displaced residents by the park owner and purchaser of the park shall not exceed 20% of the purchase price of the park.
(Ord. 97-2, passed 2-25-1996)