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SEC. 14.5.8. GENERAL REQUIREMENTS.
 
   A.   The Department shall establish an accounting of all Transfers and Public Benefit Payments in the Central City TFAR Area. The accountings shall be transmitted annually to the Commission for its review and shall include the amount of floor area restricted on each Donor Site and added to each Receiver Site and the dollar amount and related calculation for each approved Transfer Plan.
 
   1.   The Department shall maintain a record of the available Floor Area Rights in the Central City TFAR Area, and any Transfers and other records as may be necessary or desirable to provide an up-to-date account of the Floor Area Rights available for use in the Central City TFAR Area. The records shall be available for public inspection.
 
   2.   The Department shall maintain an accounting of all Public Benefit Payments derived from Transfers, and an accounting of all allocations of the Public Benefit Payments. The records shall be available for public inspection.
 
   B.   The Department shall establish a procedure to coordinate the obtaining of timely responses from affected City departments and agencies on each Project involving a Transfer, as a part of the early consultation process, referenced above.
 
   C.   Any Transfer approved pursuant to this article shall be evidenced by a recorded document, signed by both the owner of the Donor Site and the owner of the Receiver Site and in a form satisfactory to the City Attorney and designed to run with the land. When the owner of the Donor Site is the City, the Director shall be the signatory on behalf of the City on the recorded document. This document shall clearly set forth the amount of Floor Area Rights transferred and restrict the allowable Floor Area remaining on the Donor Site.
 
 
SEC. 14.5.9. PUBLIC BENEFIT PAYMENT.
 
   A.   A Public Benefit Payment shall be provided as part of an approved Transfer Plan and shall serve a public purpose, such as: providing for affordable housing; public open space; historic preservation; recreational; cultural; community and public facilities; job training and outreach programs; affordable child care; streetscape improvements; public arts programs; homeless services programs; or public transportation improvements. Prior to approving or recommending approval of a Transfer Plan, the Agency Board, Commission or the City Council shall make a finding that the Public Benefit Payment proposed by the Applicant in the Transfer Plan, or by the Agency Board, Commission or the City Council in its conditional approval, will result in Public Benefits with an economic value consistent with the sum of the Public Benefit Payment set forth in Subsection C. of this Section 14.5.9.
 
   B.   As approved by the City Council, a Public Benefit Payment may be provided by any combination of the payment of monies to the Transfer of Floor Area Rights Public Benefit Payment Trust Fund (“Public Benefit Payment Trust Fund”) or by the direct provision of Public Benefits by the Applicant; provided, however, that without City Council approval at least 50% of the Public Benefit Payment must consist of cash payment by the Applicant to the Public Benefit Payment Trust fund.
 
   C.   The Public Benefit Payment under any Transfer Plan shall equal: (1) the sale price of the Receiver Site, if it has been purchased through an unrelated third-party transaction within 18 months of the date of submission of the request for approval of the Transfer, or an Appraisal, if it has not; (2) divided by the Lot Area (prior to any dedications) of the Receiver Site; (3) further divided by the High-Density Floor Area Ratio Factor; (4) multiplied by 40%; and (5) further multiplied by the number of square feet of Floor Area Rights to be transferred to the Receiver Site.
 
   [Example: If Receiver Site with a Lot Area of 100,000 square feet (before any dedications) was purchased for $40,000,000 (through an unrelated third- party transaction within 18 months of the date of submission of the request for approval of the Transfer), the Public Benefit Payment under a Transfer Plan transferring 100,000 square feet of Floor Area Rights would equal: (a) $40,000,000 (the purchase price); (b) divided by 100,000 (the Lot Area of the Receiver Site); (c) divided by 6 (the High-Density Floor Area Ratio Factor); (d) multiplied by 40%; and (e) multiplied by 100,000 (the number of square feet of Floor Area Rights to be transferred) = $2,666,666.67 (or $26.67 for each square foot of transferred Floor Area Rights).]
 
 
SEC. 14.5.10. TFAR TRANSFER PAYMENT.
 
   A.   If the Donor Site is owned by the Agency or the City, the TFAR Transfer Payment shall be the greater of (a) 10% of the Public Benefit Payment calculated pursuant to Section 14.5.9 C. of this Code, or (b) $5 multiplied by the number of square feet of Floor Area Rights to be transferred to the Receiver Site. This TFAR Transfer Payment shall be paid in cash by the Applicant to the Public Benefit Payment Trust fund as set forth in Section 14.5.12 of this Code.
 
   B.   If the Donor Site is owned by a party other than the Agency or the City, then the amount and payment of any TFAR Transfer Payment will be negotiated between the owner of the Donor Site and owner of the Receiver Site.
 
   C.   The Transfer Payment is independent of the Public Benefit Payment.
 
 
SEC. 14.5.11. PAYMENTS AND VESTING.
 
   Any Public Benefit Payment together with any TFAR Transfer Payment to the Agency or City shall be provided as set forth in the Transfer Plan and as set forth below:
 
   A.   If the approved Transfer Plan specifies a single- phase Project on the Receiver Site, then the owner of the Receiver Site shall pay the Public Benefit Payment together with any TFAR Transfer Payment due to the Agency or the City on or before the earlier of
 
   1.   The issuance of the building permit for the Project; or
 
   2.   Twenty-four months after the final approval of the Transfer and the expiration of any appeals or appeals periods, unless extended by the Director in writing, and the Administrator when the Agency has taken an action on the Transfer Plan.
 
   B.   If the approved Transfer Plan specifies a multi- phased Project on the Receiver Site, then the owner of the Receiver Site must pay the Public Benefit Payment together with any Transfer Payment due to the Agency or the City, through any one of the three methods set forth below, except as may be extended by the Director in writing, and the Administrator when the Agency has taken an action on the Transfer Plan:
 
   1.   In total for all phases of the Project, on or before the earlier of: (i) the issuance of the building permit for the first phase of the Project or (ii) 24 months after the final approval of the Transfer and the expiration of any appeals or appeals periods for all phases of the Project;
 
   2.   Incrementally by each phase of the Project, proportionate to the Floor Area Rights utilized in each phase, on or before the issuance of the building permit for each phase, with the amount of each payment being subject to payment indexing in accordance with an executed agreement between the owner of the Receiver Site and the Agency or the City; or
 
   3.   Incrementally by each phase of the Project, proportionate to the Floor Area Rights utilized in each phase, on or before the issuance of the building permit for each phase, with the amount of each payment being recalculated as of the date that the building permit for each phase is issued in accordance with an Appraisal establishing the fair market value of the Receiver Site within six months prior to the issuance of the building permit for that phase.
 
   C.   Upon the Applicant’s payment to the Agency or the City of all of the Public Benefit Payment together with all of the TFAR Transfer Payment required under an approved Transfer, all Floor Area Rights transferred to the Receiver Site pursuant to the Transfer Plan shall vest in the Receiver Site and thereafter run with the land.
 
 
SEC. 14.5.12. PUBLIC BENEFIT PAYMENT TRUST FUND.
   (Amended by Ord. No. 182,691, Eff. 10/8/03.)
 
   Funds held in the Public Benefit Payment Trust Fund shall be disbursed in accordance with Section 5.416 of the Los Angeles Administrative Code and (1) after receipt of non-binding recommendations by 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 is located, the City Council Office for the City Council District in which the Donor Site is located, the Economic and Workforce Development Department, the Department of City Planning, the Mayor’s Office, the City Administrative Officer, the Chief Legislative Analyst, the Neighborhood Council for the area in which the Receiver Site is located, the Project Area Committee (if one exists) for the area in which the Receiver Site is located, and the Community Advisory Committee (if one exists) for the area in which the Receiver Site is located, in accordance with the procedure previously established for the Public Benefit Payment Trust Fund, (2) within five years after receipt, and (3) for use on projects or programs providing a Public Benefit as set forth in Section 14.5.9 A. of this Code. This Chief Legislative Analyst shall convene the Public Benefit Payment Trust Fund Committee within six months of receipt of funds.
 
 
 
ARTICLE 5
REFERRALS – LAND FOR PUBLIC USE
 
(Amended by Ord. No. 114,449, Eff. 9/17/59)
(Title Amended by Ord. No. 138,800, Eff. 6/13/69, Oper. 6/23/69)
 
 
Section
15.00   Procedure.
 
 
SEC. 15.00. PROCEDURE.
   (Amended by Ord. No. 187,712, Eff. 1/23/23, Oper. 1/22/24; Ord. No. 187,930, Eff. 7/7/23.)
 
   See Sec. 13B.1.6. (Land for Public Use) of Chapter 1A of this Code.
 
 
 
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