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were not acquired after notice of closure or conversion of the park, and utility "hook-up" charges. b. The costs of insurance for the replacement value of the property being moved. c. The costs of repairs or modifications that is required in order to take down, move and set up the manufactured home. 526.16 Payment of Alternate Compensation. If a resident cannot relocate the manufactured home within a twenty-five (25) mile radius of the park that is being close or some other agreed upon distance, the resident is entitled to additional compensation to be paid by the owner of the park, in order to mitigate the adverse financial impact of the park closing. If the resident tenders the title to the manufactured home, the alternate compensation shall be in an amount equal to the estimated market value of the manufactured home. The value as determined by a current appraisal performed by either an appraiser designated by the park owner, and approved by the city manager or the county assessors market value. The resident has the option to choose one or the other. This appraisal shall start no later than 30 days after the notice of park closure and end no later than 120 days before park closure. The park owner will incur all costs. 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 displace residents no later than 90 days prior to the closing of the park or its conversion to another use. Title to manufactured home should be presented to park owner or purchaser concurrent to receiving compensation. If a resident cannot relocate the manufactured home within a twenty-five (25) mile radius of the park, which is being close or some other agreed upon distance, and the resident elects not to tender title to the manufactured home, the resident is entitled to relocation costs based upon an average of relocation costs awarded to other residents in the park. The total compensation to be paid to displaced residents by the park owner and purchaser of the park shall not exceed twenty-five (25%) percent of the purchase price of the park. 526.17 verification of Costs. The displaced resident must arrange for relocating the manufactured home and submit a contract or other verified cost estimate to the park owner as a condition to the park owner's liability to pay relocation expenses and pay the relocation costs identified in Section 525.15 of this ordinance. FACouncil Meetings\2006\10102006\Ord Park Closing.doc 18