(a) There is hereby created within the Treasury of the City of Los Angeles a special fund known as the Ventura/Cahuenga Boulevard Corridor Specific Plan Revenue Fund (Fund) to be administered by the Department of Transportation and the Department of City Planning in accordance with established City practice and in conformance with Government Code Section 66000, et seq.
(b) The Fund shall be used for the deposit of money paid to the City of Los Angeles pursuant to Section 9 of the Ventura/Cahuenga Boulevard Corridor Specific Plan and any other money appropriated or given to this Fund for the mitigation of transportation impacts throughout the Ventura/Cahuenga Boulevard Corridor Specific Plan area.
(c) All interest or other earnings from money received into the Fund shall be credited to the Fund and devoted to the purposes set forth herein.
(d) Limitations on Expenditures. Project Impact Assessment (PIA) Fees shall be expended as provided in Subsection E of Section 9 of Ordinance No. 171,240 and pursuant to the following:
$250,000 shall be expended on pedestrian area streetscape purposes. No more than ten percent of the revenue collected each year shall be expended for administration. The remainder of the revenue shall be subject to the following percentage expenditure restrictions:
Intersection Improvements Corridor (Cross Mountain) and Community 49 percent
Off-Street Parking 26 percent
Public Transit/TDM 15 percent
(e) Expenditures shall be authorized by the General Manager of the Department of Transportation and the Director of City Planning or their designees, subject to the prior approval for public right of way improvements of the Department of Public Works.
SECTION HISTORY
Added by Ord. No. 166,559, Eff. 2-16-91.
Amended by: Secs. (b) and (d), Ord. No. 171,241, Eff. 9-20-96.