(A) Procedure - An owner may submit to the director a discretionary rent increase application in accordance with procedures established by resolution adopted by the city council.
(B) Standards of review - In evaluating any discretionary rent increase application, the hearing officer shall consider the gross total income of the park, changes in operating expenses to the owner attributable to increases and decreases in the listed operating expenses, net operating income, and the level of space rent necessary to permit a just and reasonable return on the owner's investment.
(C) Fair return to owner - The discretionary rent increase application procedure and the hearing officer's review shall be structured to permit a continuation of the net operating income to the owner and a just and reasonable return on the owner's investment at the same level (adjusted for the effect of inflation) experienced by the park in the year immediately preceding the first impact of rent stabilization on the park.
(D) Decision of the hearing officer - The hearing officer shall issue a written decision on the application no later than 35 days after the completion of any hearing. The hearing officer's decision shall be based on substantial evidence submitted at the hearing. All parties to the hearing shall be advised of the hearing officer's decision and given a copy of the findings. Consistent with the findings, the hearing officer may:
(1) Authorize the requested increase to become effective, in whole or in part;
(2) Deny the discretionary increase;
(3) Order a reduction in space rent to a rate determined by the hearing officer;
(4) Find that an increase that went into effect, or any portion thereof, is not justified and order the owner to refund the amount found to be unjustified to the residents within 30 days after the decision of the hearing officer is final;
(5) Find that a proposed increase, or any portion thereof that was previously unjustified, is justified and order the residents to pay the amount found justified to the owner within 90 days after the decision of the hearing officer is final; and
(6) Deny a retroactive increase based upon unreasonable delay in the provision of information required for the hearing process.
(`64 Code, Sec. 17.1-10) (Ord. No. 2475)