All net proceeds collected from the sales of real properties located in the Venice area of the City of Los Angeles and such grant funds as approved by the City Council, shall be placed in a trust fund to be known as the “Venice Area Surplus Real Property Fund”, which fund is hereby created and which fund shall be used for the purposes as set forth hereafter.
1. The “Venice Area” is hereby defined and described as being that portion of the City of Los Angeles bounded northwesterly by the common boundary of the City of Santa Monica and the City of Los Angeles, northeasterly by the center line of Lincoln Boulevard, southeasterly and northeasterly by the City boundary adjacent to the county’s “Marina del Rey,” southeasterly by the entrance channel of the “Marina del Rey” and southwesterly by the last natural mean high-tide line of the Pacific Ocean.
2. “Surplus Real Property” is defined as those parcels of real property owned by the City of Los Angeles and neither dedicated to public use, such as recreation and park use or public street use, nor permanently devoted to some public use.
3. “Net proceeds” shall mean the gross sale price received for a parcel of real property minus escrow charges, title policy charges, appraisal charges, advertising costs, and any and all other costs and expenses attributable to conducting the sale and/or leading up to the sale of the property.
4. Upon adoption of a resolution by the City Council, the net proceeds from the sale of any of the properties mentioned above shall be devoted exclusively to capital or non-capital projects or purchases generally within the “Venice Area” for purposes which will be of benefit to citizens of the City of Los Angeles or tourists to the Venice Beach area.
5. The Fund shall be administered by the Department of Public Works, Bureau of Financial Management and Personnel Services, in accordance with the prior approval by the City Council pursuant to Subdivision 4. of this Section.
SECTION HISTORY
Added by Ord. No. 150,484, Eff. 2-17-78.
Amended by: Para. 5., Ord. No. 170,820, Eff. 2-4-96; First Sentence, Ord. No. 173,121, Eff. 4-7-00; Paras. 4. and 5., Ord. No. 175,839, Eff. 4-17-04.