Each reconstruction with a total construction cost of at least five hundred thousand dollars ($500,000.00) shall trigger the fine art obligation.
A. If a building that had previously satisfied the fine art obligation is damaged by an act of God resulting in a reconstruction and the original fine art is intact or an in lieu fee was previously paid, there will be no additional fine art obligation required. However, if the original fine art is destroyed, a replacement work of art that meets the requirements of the fine art ordinance currently in effect will be required in an amount equal to the insured value of the lost or destroyed art piece. Alternatively, the property owner has the option to deposit into the fine art fund an amount equal to the insured valuation.
B. If a building that had previously satisfied the fine art obligation is voluntarily reconstructed and the original fine art is intact or an in lieu fee was previously paid, a new fine art obligation will be required based on the difference between the construction cost of the new project less the construction cost of the project that triggered the original fine art obligation. However, if the original fine art is missing or destroyed, a new fine art obligation that meets the requirements of the fine art ordinance currently in effect will be required in an amount: 1) based upon the construction costs of the new project as specified in section 3-1-802 of this chapter; or 2) equal to the most recent appraised value of the missing or destroyed original fine art, whichever is higher. (Ord. 15-O-2672, eff. 2-6-2015)