(a) There is hereby created and established within the Treasury of the City of Los Angeles a special fund to be known as the Oxford Triangle/Venice Neighborhood Protection and Off-Site Street Beautification Trust Fund (the “Fund”) for the purposes of receiving and disbursing a $250,000 contribution from the first 512 condominium units sold at the Channel Gateway project, located at 4251 Lincoln Boulevard, Los Angeles, California (the “Project”), pursuant to the terms and conditions of City Plan Case No. 95-0282 and CDP No. 95-009. The Fund shall be administered by the Department of Transportation.
(b) The money from the Fund shall only be expended within the Venice Community Plan Area, which for the purposes of this section, is defined as being that portion of the City of Los Angeles bounded bounded northwesterly by the common boundary of the City of santa Monica and the City of Los Angeles, northeasterly by the center line of Walgrove Avenue, southeasterly and northeasterly by the City’s boundary with the County’s Marina Del Rey, southeasterly by the entrance channel of the Marina Del Rey and southwesterly by the last natural mean high tide line of the Pacific Ocean (the “Venice Area”). The Oxford Triangle is defined as the area bounded by Washington Boulevard on the north, Lincoln Boulevard on the east, and the Los Angeles City boundary on the southwest (the “Oxford Triangle Area”). Money in the Fund shall be used to:
(1) fund community improvements in the Oxford Triangle and other impacted neighborhoods in the Venice Area for offsite street beautification and lighting.
(2) participate in the funding of the installation and/or implementation of traffic mitigation measures to discourage regional neighborhood intrusion into the Oxford Triangle and other nearby neighborhoods.
(3) participate in the funding of landscaping and lighting improvement and sidewalk and alley repairs and improvements in the Oxford Triangle.
(c) Any gifts, contributions or other money received for the stated purposes of the Fund shall be placed in the Fund. All interest earnings accruing on money in the Fund shall become part of the Fund. Money in the Fund shall not revert to the Reserve Fund of the City.
(d) A Trust Fund Advisory Committee (the “Advisory Committee”) shall be established by the Councilmember representing the Venice Area (the “Councilmember”) to make recommendations to the Councilmember for expenditures from the Fund. No expenditure may be made from the Fund without the prior approval of the Councilmember.
SECTION HISTORY
Added by Ord. No. 173,329, Eff. 7-9-00.