Each Replacement Housing Agreement shall include provisions for the monitoring by the City of each Hotel Development Project and each Replacement Unit for compliance with the terms of this section, any implementing regulations, and the applicable Replacement Housing Agreement. Such provisions shall require compliance reports to be submitted to the Los Angeles Housing Department by the Hotel owner on at least an annual basis, and the City may conduct periodic on-site audits to ensure compliance with all applicable laws, policies, and agreements. The City Council, by resolution, may establish fees for the ongoing administration and monitoring of the Replacement Units, which fees may be updated periodically, as required.