A. Any construction, reconstruction or additions, to a commercial/industrial building or mixed use building in the city of Beverly Hills shall be assessed with the obligation to provide fine art as follows:
1. For projects with total construction costs between five hundred thousand dollars ($500,000.00) and one million dollars ($1,000,000.00), the fine art obligation shall be satisfied by either of the following: a) installation of fine art that has a value equal to, or exceeding, one percent (1%) of the total construction costs; or b) payment of an in lieu fee to the fine art fund equal to ninety percent (90%) of the value required by the immediately preceding item a of this subsection.
2. For projects with total construction costs equal to or greater than one million dollars one cent ($1,000,000.01), the fine art obligation shall be satisfied by either of the following: a) installation of fine art that has a value equal to, or exceeding, one percent (1%) of the first one million dollars ($1,000,000.00) plus one and one-half percent (1.5%) of the amount in excess of one million dollars ($1,000,000.00); or b) payment of an in lieu fee to the fine art fund equal to ninety percent (90%) of the value required by the immediately preceding item a of this subsection.
B. If the in lieu payment option has been chosen pursuant to subsection A of this section, then such in lieu payment shall be made prior to the issuance of the related building permit. Once the funds for the in lieu payment have been made available to the fine art fund, then the property owner's obligations under this article shall have been fulfilled. (Ord. 15-O-2672, eff. 2-6-2015)