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The Commission shall approve a public improvement only if it determines that all of the following criteria have been satisfied:
(a) The public improvement shall be located in the District and must materially improve the facade (including, but not limited to, facade lighting) or publicly accessible exterior of the property, or, if no such material improvements are needed, in the exclusive judgment of the Commission, the public improvement may improve either publicly accessible interior areas of the property or publicly accessible exterior of another property in the District, with permission of the other property's owner. Improvements to the publicly accessible exterior of a property may include improvements or connections to a public transit facility.
(.1) With regards to improvements relating to public transit, the applicant shall submit a letter from the public transit agency confirming that the agency (a) is aware of the proposed transit improvements; (b) approves the portion of the project that will be constructed on its property; and (c) verifies that the improvements are engineered and will be completed to accommodate peak hour travel in all directions.
(b) The public improvement requires a minimum investment of ten million dollars ($10,000,000), exclusive of any facade work directly associated with construction and operation of the sign.
(c) The public improvement has been completed prior to the application for a zoning permit, or will be completed pursuant to an approved investment schedule prepared in accordance with subsections (.1) through (.3), below. Upon completion of the public improvement, the applicant shall submit to the Commission a Final Certificate of Payment that it is confirmed by a licensed architect indicating that the applicant has completed the minimum required investment.
(.1) The applicant shall submit to the Commission a scope of work; construction documents and plans prepared by a licensed architect; and documentation of the total costs and investment schedule as prepared by a cost estimator certified by the American Society of Professional Estimators, the Society of Cost Estimating and Analysis, or AACE International.
(.2) The investment schedule shall indicate that a minimum of six million dollars ($6,000,000) will be invested within eighteen months of issuance of the sign permit; and the total ten million dollar ($10,000,000) required investment shall be made within two years and six months of issuance of the sign permit. An applicant may request an extension of that time for a maximum of an additional twelve months, for good cause shown. The applicant shall submit a Certificate of Payment that is confirmed by a licensed architect annually to the Commission to demonstrate compliance with the investment schedule. 768
(.3) The applicant shall post a bond or letter of credit in an amount equal to ten million dollars ($10,000,000) in a form and with financial entities acceptable to the City. The City shall maintain an irrevocable right to draw on the bond or letter of credit if the owner fails to meet the approved investment schedule.
Amended, Bill No. 150264 (approved June 16, 2015).