(A)   Any development subject to this chapter pursuant to § 23.81.040, shall be obligated to contribute to the city's Art in Public Places program. The amount of such contribution shall be a percentage of the total building valuation for the development excluding land value, off-site improvement costs, interior improvements, parking facilities and public facilities. The total building valuation shall be computed using the latest building valuation data as set forth by the International Conference of Building Officials (IBO) unless, in the opinion of the Building Official, a different valuation measure should be used. The percentage required to be contributed shall be set by City Council resolution.
   (B)   An applicant may satisfy the contribution obligation required by division (A) above in one of four ways:
      (1)   Through payment in cash of the contribution amount directly to the Art Fund (the "In Lieu Fee"); or
      (2)   Through donation of an approved art work, equal to or exceeding the value of the contribution amount, pursuant to § 23.81.090; or,
      (3)   Through installation of an approved art work, equal to or exceeding the value of the contribution amount, pursuant to § 23.81.080; or,
      (4)   Through design of the development in such a manner that it satisfies the contribution obligation pursuant to § 23.81.140, "Architecture as Art."
   (C)   Nothing in this section shall prohibit the applicant from privately placing or publicly donating an approved art work with acquisition and installation costs in an amount less than the contribution amount; provided that the applicant shall also pay to the City Art Fund an amount equal to the difference between the program allocation and the costs of acquisition and installation of such art work. The minimum value of art installed by an applicant shall be at least $2,500. Also subject to city approval, an applicant may be permitted to pay its allocation to a performing arts program within the city.
   (D)   Fifteen percent of the revenue generated from the Art Fund is allocated for administrative costs.
(Ord. 4417, passed 9-10-01)