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In lieu of the required cash contribution to the Industrial Corridor System Fund, applicants may propose to undertake eligible projects themselves, including, without limitation, the acquisition, remediation or rehabilitation of industrial land or buildings for the relocation of industrial establishments from conversion areas to suitable replacement sites in receiving corridors. The department shall review proposals on a case-by-case basis. If the department approves the proposal, the applicant shall submit project documentation, including but not limited to, detailed site-specific cost estimates for the project, appropriate drawings, detailed construction commitments, a construction schedule, and a performance bond for completion of the improvements, if applicable. If the estimated budget for the project exceeds the applicant's required cash contribution, the department may distribute funds from the Industrial Corridor System Fund to the applicant to perform additional work associated with the project on behalf of the City or applicable sister agency, subject to city council approval.
(Added Coun. J. 7-26-17, p. 53898, § 1)