The Fund shall be administered and expenditures authorized by the City Clerk who shall establish the terms and conditions for eligibility to obtain an award of monies from the Fund and the guidelines for the appropriate use of the award in accordance with established City procedures and within the following parameters:
(a) No more than three (3) business areas within each Council District can receive monies from the Fund within any one fiscal year.
(b) A maximum of $75,000.00 may be awarded to each group eligible to receive monies from the Fund.
(c) Only business areas which do not qualify for Community Development Block Grants (CDBG) or Supplemental Earthquake funds are eligible for awards from the Fund unless the CDBG or Earthquake fund monies are exhausted.
(d) An award from the Fund may be used for the purposes of assessing the interest in, planning for the formation of, renewing, reestablishing, or expanding the boundaries of, a proposed or existing Business Improvement District within a specific area of the City of Los Angeles, as designated by the proponent group seeking monies from the Fund.
(e) Requests for an award from the Fund must be reviewed and approved by both the Community and Economic Development Committee and the Budget and Finance Committee.
The Controller shall establish a separate account in the Fund for the receipt and disbursement of funds, including appropriations and transfers as required, relative to business improvement district assessments levied on parcels of City owned real property.
If the City owned property is under the management of a Department or Agency having control of its own revenues, or is funded from special purpose revenues or fees as determined by the City Clerk, the City Clerk is directed to bill that Department or Agency for the assessment and the Department or Agency is directed to make the payment from those special revenues of fees to the City Clerk.
SECTION HISTORY
Added by Ord. No. 171,094, Eff. 6-29-96.
Amended by: Subsec. (d), Ord. No. 171,871, Eff. 1-30-98; Last Two Paras. Added, Ord. No. 173,697, Eff. 1-21-01.