(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the Metropolis Hotel Project Trust Fund (the Fund).
(b) The purpose of the Fund shall be for the receipt, retention and disbursement of all monies apportioned by the Mayor and City Council as hotel development incentive payments (the Incentive Payments) for the development of the Metropolis Hotel Project in accordance with the Hotel Development Incentive Agreement (the HDIA) entered into by and between the City and Greenland LA Metropolis Hotel Development, LLC as approved by the City Council on December 16, 2014, under Council File No.14-0029.
(c) The Fund shall be administered by the City Administrative Officer (the Fund Administrator).
(d) Monies shall be deposited into the Fund in accordance with the City's budgetary process on a not less than yearly basis in an amount sufficient to pay anticipated Incentive Payments as reported by the Fund Administrator.
(e) Expenditures from the Fund shall be made by the Fund Administrator solely to fund Incentive Payments due under the HDIA and reasonable expenses in accordance with, and subject to the terms and conditions of the HDIA.
(f) The Economic and Workforce Development Department shall maintain records, issue reports, schedule public hearings and perform any other activity required under California Government Code Section 53083.
(g) All interest and earnings attributable to the monies in the Fund or any account in the Fund shall be credited to the Fund and shall be devoted to the purpose of the Fund.
(h) At the close of each fiscal year, monies not expended from the Fund shall remain in the Fund and shall not revert to the Reserve Fund in accordance with Charter Section 344.
(i) The provisions of this ordinance shall be repealed, and this Chapter shall be of no force and effect upon the earliest of (i) the expiration of the term of the HDIA; (ii) full payment of the Incentive Payments; (iii) the termination of the HDIA; (iv) the termination of the City's obligations to utilize the Fund as the source of the Incentive Payments, as reported by the Fund Administrator; or (v) December 31, 2031.
SECTION HISTORY
Chapter and Section Added by Ord. No. 183,498, Eff. 5-16-15.