(a) The net proceeds from the sale of the surplus real properties located in the Venice Area (as those terms are defined in Section 5.121 of this Code) of the City of Los Angeles shall be placed in the fund known as the Venice Surplus Real Property Fund established by Section 5.121 of the Los Angeles Administrative Code.
(b) Except for the net proceeds from the sale of surplus real properties specifically addressed by separate sections of this Code, including, but not limited to, Sections 5.121.1, 5.121.2 and 5.547 and properties located in the Venice Area of the City of Los Angeles, 50% of the net proceeds from the sales of surplus real properties, to the extent allowed by law, shall be placed in the Council District Real Property Trust Funds established by Section 5.500 of this Code, and 50% of the net proceeds of the sales shall be placed in the General Fund of the City of Los Angeles.
(c) Notwithstanding Subsections (a) and (b) above, unless otherwise prohibited by law, for all sales of surplus real properties subject to Subsections (a) or (b), and approved by City Council for use in support of the City’s “Using Public Land for Affordable and Homeless Housing” strategy, completed on or after July 1, 2016, and prior to July 1, 2017, 100% of the net proceeds from the sales shall be placed into the Affordable Housing Trust Fund of the City of Los Angeles (“Affordable Housing Trust Fund”), unless located within the Venice Area of the City of Los Angeles in which case, the net proceeds shall be placed into a sub-account within the Affordable Housing Trust Fund for use in the Venice Area of the City of Los Angeles only. This Subsection (c) shall only be in effect until July 1, 2017, upon which date it shall be deemed repealed and no longer in effect.
SECTION HISTORY
Added by Ord. No. 150,484, Eff. 2-17-78.
Amended by: Sec. Title, Last Sentence Added, Ord. No. 171,570, Eff. 5-31-97, Oper. 1-1-97; Ord. No. 180,206, Eff. 10-26-08; Subsec. (c), Ord. No. 180,764, Eff. 8-8-09; In Entirety, Ord. No. 184,511, Eff. 11-5-16.