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The sponsor of a development project subject to Section 414.1et seq. may elect to satisfy its child-care requirement by combining payment of an in-lieu fee to the Child Care Capital Fund with construction of a child-care facility on the premises or providing child-care facilities near the premises, either singly or in conjunction with other sponsors. The child-care facility to be constructed on-site or provided near-site under this election shall be subject to all of the requirements of whichever of Sections 414.5, 414.6 and 414.7 is applicable, and shall have a minimum floor area of 3,000 gross square feet. If the net addition of gross square feet of office or hotel space of all participating projects is less than 300,000 square feet, the minimum gross floor area of the facility shall be 2,000 square feet. The in-lieu fee to be paid under this election shall be subject to all of the requirements of Section 414.8 and shall be determined by the Commission according to the following formula:
[ | Net. add. Gross sq. ft. space subject project | - | Net. add. Gross sq. ft. space subject project | × | Sq. ft. child care facility | × 100 | ] | × $1.00 | = | Total Fee for Subject Project |
Net. add Gross sq. ft. space all participating projects |
(Added by Ord. 108-10, File No. 091275, App. 5/25/2010)