(A) Procedure -
(1) A CPI formula adjustment is a space rent adjustment granted to an owner in accordance with procedures established by resolution adopted by the city council. A CPI formula adjustment shall be based upon the percentage change in the CPI for the year ending in August. The resulting adjustment shall be for rent increases taking effect in the following calendar year. The CPI formula adjustment shall be calculated as follows:
(a) If the percentage change in the CPI is 4 percent or less, the permissible CPI formula adjustment shall be equal to 100 percent of the change in the CPI.
(b) If the percentage change in the CPI is greater than 4 percent but less than or equal to 9 percent, the permissible CPI formula adjustment shall be equal to 75 percent of the change in the CPI, or a 4 percent adjustment, whichever is greater.
(c) If the percentage change in the CPI is greater than 9 percent, the permissible CPI formula adjustment shall be equal to 67 percent of the change in the CPI, or a 6.75 percent adjustment, whichever is greater.
(2) CPI formula adjustment applications may be submitted no more than once a year. Any space rental increase as provided herein shall be effective on the date specified in the application or as otherwise approved by the hearing officer.
(B) Review - The hearing officer shall conduct a hearing to review a CPI formula adjustment application only on receipt of a protest. The hearing officer shall decide the issues in dispute. The hearing officer shall issue a written decision on the application and protest no later than 35 days following the completion of the hearing.
(`64 Code, Sec. 17.1-9) (Ord. No. 2475)