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Requires resident approval because exceeds $10,000. There must be 50% plus 1 vote of total <br /> number of households that cast votes to approve. Code specifies timelines, voting procedures, <br /> ability to have City review figures, etc. <br /> This would be amortized over six years because between $30,000.00 and $39,999.00. <br /> $35,000/6 years = $5833.33/year <br /> $5833.33/12 months = $486.11/month <br /> $486.11/149 spaces =$3.26/month per space for 6 years <br /> Note: <br /> Amortized cost cannot exceed more than two percent of lowest monthly rent in the park. E.g., if <br /> lowest rent is $700, then amortized cost of an improvement cannot exceed $14 per month. <br /> And, total of all amortized costs cannot exceed more than six percent of the lowest monthly rent <br /> in the park, i.e. if lowest rent is $700, then total of all capital improvement amortized costs <br /> cannot exceed $42 per month. <br />