(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Cornfield Arroyo Seco Specific Plan Floor Area Payment Trust Fund" (Fund).
(b) The purpose of the Fund shall be the receipt, retention and disbursement of funds collected pursuant to the Floor Area Payment requirement set forth in the Cornfield Arroyo Seco Specific Plan (Plan).
(c) The Fund shall be administered by the Director of the Department of City Planning (Director) or his or her successor and/or designee(s), in accordance with established City practices. No more than 5% of monies in the Fund shall be used per year for administrative costs.
(d) Disbursement of funds requires the approval of the majority members of a committee comprised of one representative from each of the following: the City Council Office for the City Council District in which the Receiver Site (as defined in the Plan) is located; the Chair of the Ad Hoc Committee on the Los Angeles River (unless they are the same); the City Engineer, the Mayor's Office, the Chief Administrative Officer; the Chief Legislative Analyst; the Department of City Planning; the Los Angeles Housing Department; and the Los Angeles River Revitalization Corporation.
(e) Disbursement of funds shall be for the purpose of providing community benefits to the Cornfield Arroyo Seco Specific Plan area, including, but not limited to, improving river access, overall river enhancements, non-vehicular transportation improvements, removing visual blight, improving public safety, and affordable housing.
(f) The Director is authorized to establish procedures to carry out the provisions of this Article.
(g) 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.
(h) All interest and other earnings attributable to monies in the Fund, or to any of the separate accounts within the Fund, shall be credited to the Fund or to the account to which it is attributable, and shall be devoted to the purposes of the Fund.
(i) The Director shall maintain appropriate accounting records of the actual costs of the services rendered pursuant to the Fund. The Director shall report to the Chief Legislative Analyst regarding and identifying all receipts into, and all expenditures out of, the Fund, as well as the purpose for which the expenditures were made. Each report shall cover a fiscal year and shall be submitted within 90 days after the close of that fiscal year.
SECTION HISTORY
Chapter and Section Added by Ord. No. 182,618, Eff. 8-14-13.