(a) A developer may satisfy the requirements of this Chapter by constructing or installing on-site public art valued at 1% of the first $100 million construction valuation, adjusted as described in subsection (b) below, and .9% of construction valuation for valuation in excess of $100 million. For purposes of budgeting and planning for on-site art, an initial estimate of the art contribution shall be calculated based on estimated construction valuation at the time of application for entitlements. The arts contribution shall be finally determined based on the construction valuation determined at the time the building permit is issued.
(b) Beginning in FY 2015 and annually thereafter, the Director of Planning and Community Development shall adjust the ceiling for 1% valuation as set forth in subsection (a) above to reflect increases in the Consumer Price Index for all urban consumers.
(c) If the market value of the on-site public art is greater than the art contribution provided in Subsection 16.61.040(a), the city shall have no obligation to refund the excess amount. If expenditures do not utilize the entire amount provided in 16.61.040(a), the remainder shall be deposited into the Public Art Fund.
(Ord. 5226 § 6, 2013)