A. There is hereby created within the Treasurer’s Office of the City of Los Angeles a special fund to be known as “Central City West Transportation Impact Mitigation Fund”, hereinafter referred to as “the Fund”, to be administered by the Department of Transportation 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 fees collected by the Department of Transportation pursuant to Section 9 of the Central City West Specific Plan and any other money appropriated or given to this Fund for the mitigation of transportation impacts throughout the Central City West Specific Plan area. Two percent of all fees collected pursuant to the Central City West Specific Plan shall be transferred each year to the Department of Transportation, two percent transferred each year to the Department of City Planning and one percent transferred each year to the Department of Public Works, Bureau of Engineering for administering the Specific Plan.
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. The Department of Transportation shall collect fees pursuant to Subsection C of Section 9 of the Central City West Specific Plan and remit all such fees to the Treasurer’s Office for deposit into the Fund.
E. All monies from the Fund shall be expended only as provided in Section 9 of the Central City West Specific Plan and pursuant to the following restrictions:
1. Up to five percent of the revenues placed in the Fund each year shall be used for administrative expenditures, including staff from the Department of City Planning, Department of Transportation and Department of Public Works, Bureau of Engineering.
2. Up to 17 percent of the revenues placed in the Fund each year shall be used for local street improvements, such as the enhancement of the computerized signalization system and the widening of the streets.
3. Up to 15 percent of the revenues placed in the Fund each year shall be used for the acquisition of rights-of-way for construction of transportation improvements.
4. Up to 25 percent of the revenues placed in the Fund each year shall be used for regional freeway improvements such as additional ramps on the Harbor and Hollywood freeways.
5. Up to 38 percent of the revenues placed in the Fund each year shall be used for transit improvements, such as a new Metro Rail transit station.
6. If a Community Facilities District is established to fund a specific transportation improvement or improvements, then money from the Fund which is allocated for that specific transportation improvement or improvements may be transferred to the Community Facilities District fund.
F. Expenditures shall be authorized by the General Manager of the Department of Transportation or the Director’s designee, subject to the prior approval for public right of way improvements of the Department of Public Works and subject to the prior approval of the City Council and the Mayor.
SECTION HISTORY
Added by Ord. No. 166,706, Eff. 4-3-91.