(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Athens Services Community Benefits Trust Fund", referred to in this Chapter as the "Fund".
(b) The Fund shall be used for the purpose of financing health care, environmental, and transportation projects, programs and services in the Sun Valley, Shadow Hills, Stonehurst, La Tuna Canyon, and nearby neighborhoods as delineated in the Department of City Planning Case No. ZA 98-0472(CUZ)(PA2), approved on August 17, 2012.
(c) The City Clerk is hereby directed to request from Arakelian Sun Valley Real Estate, LLC, dba Athens Services, annual appropriations to the Fund in the amount of $234,000, paid on a quarterly basis and increased annually based on the Los Angeles Metropolitan Area Consumer Price Index capped at a maximum of four percent (4%) per year.
(d) The Fund shall be divided equally among Council Districts 2, 6 and 7, which shall determine expenditures with input from a locally constituted advisory committee, Neighborhood Councils and community groups as deemed appropriate by the respective Council District offices.
(e) All interest and other earnings attributable to monies in the Fund shall be credited to the Fund and shall be devoted to the purposes of the Fund.
(f) The Fund shall be administered by the City Clerk. Funds not disbursed in a fiscal year shall remain in the Fund and shall be devoted to the purposes of the Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 182,819, Eff. 1-19-14.