(a) There is hereby created and established in the Treasury of the City of Los Angeles a special fund to be known as the "Economic Development Trust Fund" hereinafter referred to in this Chapter as the "Fund".
(b) The purpose of the Fund shall be for the receipt, retention and disbursement of 50 percent of all monies received by the City from the sale or lease of City owned property which has been designated by the Council for economic development opportunities under the Asset Management Framework Policy as approved by the Council, or any other monies which are otherwise appropriated to the Fund for economic development projects within the City.
(c) The City Treasurer shall establish a separate account within the Fund for each economic development project approved by the Mayor and City Council for which an initial or continuing source of economic development monies have been approved (Approved Project).
(d) The Fund, and each separate account within the Fund, shall be administered by the General Manager of the Economic and Workforce Development Department, or his or her appointee (the Administrator).
(e) Expenditures from the Fund, and each separate account within the Fund, shall be made in accordance with the terms and conditions of the Approved Project and the expenditure guidelines to be prepared by the Administrator.
(f) The Administrator shall comply with applicable provisions of California Government Code Section 53083 for any expenditure which constitutes an Economic Development Subsidy within the meaning of California Government Code Section 53083(g)(1), as such may be amended.
(g) The Administrator shall report on a not less than annual basis to the City Council and Mayor, or their designees, the amount of economic development incentives anticipated to be attained or otherwise owing for each Project for the upcoming fiscal year, as well as the maximum anticipated balance of incentives for each Project over the term of the Agreement.
(h) All interest and earnings attributable to the monies in the Fund or any of the accounts in the Fund shall be credited to the Fund or to the appropriate account and shall be devoted for economic development within the City. The Administrator shall transfer such interest and earnings to the individual account to which the interest and earnings are attributable.
(i) At the close of each fiscal year, monies not expended from the Fund, or an individual account, shall remain in the individual account within the Fund and shall not revert to the Reserve Fund.
SECTION HISTORY
Chapter and Section Added by Ord. No. 185,956, Eff. 3-6-19.