(A) If a displaced 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 displaced resident is entitled to additional compensation to be paid by the park owner, in order to mitigate the adverse financial impact of the park closing. If the displaced 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 County Assessor and as reported on the displaced resident’s most recent property tax statement. The park owner shall pay such compensation into an 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 displaced resident cannot relocate the manufactured home within a 25-mile radius of the park which is being closed or some other agreed-upon distance, and the displaced resident elects not to tender title to the manufactured home, the displaced resident is entitled to relocation costs based upon an average of relocation costs awarded to other displaced residents in the park.
(C) The total compensation to be paid to displaced residents by the park owner shall not exceed 20% of the purchase price of the park or 20% of the market value of the park as determined by the County Assessor, whichever value is greater.
(Prior Code, § 1011.07)