(a) There is hereby created and established within the Treasury of the City of Los Angeles a special trust fund to be known as the “Transfer of Floor Area Rights Public Benefit Payment Trust Fund”, hereinafter referred to in this chapter as the “Fund”.
(b) All public benefit payments currently in possession of, and to be received by, the Community Redevelopment Agency of the City of Los Angeles, (Agency) or the Department of City Planning, pursuant to Article 4.5 of Chapter 1 of the Los Angeles Municipal Code (LAMC) shall be placed in the Fund. Monies not expended from the Fund at the close of any fiscal year shall not revert to the Reserve Fund, but shall remain in the Fund.
(c) All interest and other earnings attributable to money in the Fund shall be credited to the Fund.
(d) Once during each fiscal year, the City Council shall make findings with respect to any portion of the remaining unencumbered money in the Fund. These findings shall be made within five years of a deposit of the public benefit payment. These findings shall identify the purpose to which the payment is to be applied and demonstrate a reasonable relationship between the payment and the purpose for which the payment was calculated pursuant to LAMC Section 14.5.9.
(e) The Controller shall be responsible for maintaining the receipts and disbursements records for the Fund.
(f) The City Clerk shall be responsible for processing receipts into and disbursements from the Fund.
(g) The Planning Department shall be responsible for preparing the annual budget for the Fund and is authorized to establish appropriate procedures to carry out the provisions of this chapter.
(h) All appropriations shall be authorized by a majority vote of the Council, subject to the approval of the Mayor, or passage by the Council over the Mayor’s veto by a two-thirds vote, after having received nonbinding advisory recommendations regarding any disbursement from the Public Benefits Trust Fund Committee, as established by LAMC Section 14.5.12. There shall be no expenditure, transfer or other form of disbursement of money from the Fund, except to serve a public purpose, such as: providing for affordable housing; public open space; historic preservation; recreational, cultural, community and public facilities; job training and outreach programs; affordable child care; streetscape improvements; public arts programs; homeless services programs; or public transportation improvements. The public purpose shall be located or provided within a two-mile radius of the Receiver Site.
(i) All public benefit payments shall be made by check payable to the City of Los Angeles, which shall be delivered to the City Clerk within five working days after receipt by the Agency. The City Clerk shall process and deliver all public benefit payments to the Treasurer for deposit.
(j) Fifteen percent of each public benefit payment may be used to offset administrative costs of the program. The Planning Department shall be authorized to retain five percent of a public benefit payment to offset administrative costs associated with securing a public benefit payment. Up to five percent of a public benefit payment appropriation may be allowed to offset administrative costs associated with the accounting and record keeping expenditures made on behalf of the Fund. Up to five percent of a public benefit payment may be allowed to offset administrative costs associated with the implementation of an appropriation made from the Fund. The total of the allowable fifteen percent allocations for administrative costs shall be a required line item in the Fund budget.
SECTION HISTORY
Added by Ord. No. 168,311, Eff. 12-10-92.
Amended by: Ord. No. 178,592, Eff. 5-20-07; Ord. No. 181,574, Eff. 3-27-11.