There is hereby established a separate fund set aside for a special purpose entitled the Downtown Park Fund ("Fund"). All monies collected by DBI pursuant to this Section 412.1 et seq. shall be deposited in the Fund. All monies deposited in the Fund shall be used solely to acquire and develop public recreation and park facilities for use by the daytime population of the C-3 Use Districts, except that $100,000 of the monies from the fund shall be used to fund a nexus study, under the direction of the General Manager of the Recreation and Park Department, to examine whether the Downtown Park Fee should be imposed on uses other than office and on geographic areas of the City other than C-3 use districts. No Downtown Park Fee monies shall be expended on improvements for Ferry Park (generally Assessor's Block 202, Lots 6, 14 and 15, and Assessor's Block 203, Lot 14) until such time as this nexus study is completed unless use of such Downtown Park Fee monies is approved by a financial committee of the Board of Supervisors.
The Fund shall be administered jointly by the Recreation and Park Commission and the Planning Commission. The two Commissions shall conduct business related to their duties under this Section at joint public hearings, which hearings may be initiated by either the Recreation and Park Commission or the Planning Commission. A joint public hearing shall be held by the Commissions to elicit public comment on proposals for the acquisition of property using monies in the Fund. Notice of any joint public hearings shall be published in an official newspaper at least 20 days prior to the date of the hearing, which notice shall set forth the time, place, and purpose of the hearing. The hearing may be continued to a later date by a majority vote of the members of both Commissions present at the hearing. At a joint public hearing, a quorum of the membership of both Commissions may vote to allocate the monies in the Fund for acquisition of property for park use and/or for development of property for park use. The Recreation and Park Commission shall alone administer the development of the recreational and park facilities on any acquired property designated for park use by the Board of Supervisors, using such monies as have been allocated for that purpose at a joint hearing of both Commissions.
(Added by Ord. 108-10, File No. 091275, App. 5/25/2010)