A. There is hereby created within the Treasury of the City of Los Angeles a special fund known as the “Warner Center Transportation Improvement Trust Fund” (which amends and supersedes the Warner Center Transportation Demand Management and Traffic Improvement Trust Fund established by the City Council on April 14, 1988 under Council File No. 82-1003), hereinafter referred to as “the Fund”, to be administered by the Departments of Transportation and City Planning in accordance with City practice and in compliance with Government Code Section 66000, et seq.
B. The Fund shall be used for the deposit of fees for the purpose of receiving and disbursing, as authorized, payments of the Transportation Impact Assessment (TIA) fees collected by the Department of Transportation pursuant to Section 11 of the Warner Center Specific Plan.
C. The Department of Transportation shall collect payments derived from all commercial, industrial and the non-residential component of mixed use development projects in the Warner Center Specific Plan area, and remit all such funds to the Treasury for deposit into “the Fund”. 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. All monies from the Fund shall be expended only as provided in Section 11 of the Warner Center Specific Plan and pursuant to the following restrictions:
1. Up to 10 percent of the revenues placed in the Fund each year shall be used for administrative expenditures, including, but not limited to, staff for the Departments of City Planning and Transportation.
2. Up to 20 percent of the revenues placed in the Fund each year shall be used for parking and streetscape improvements.
3. Nine million dollars of the revenues placed in the Fund during Phase I of the Warner Center Specific Plan shall be used to fund the implementation program of the Residential Neighborhood Protection Program pursuant to Section 11 of the Specific Plan.
F. 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 of the Department of Public Works for public right-of-way improvements.
SECTION HISTORY
Chapter and Sec. Added by Ord. No. 168,872, Eff 8-9-93.