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(a) There is hereby established a separate fund set aside for a special purpose entitled the Transit Center District Open Space Fund ("Fund"). All monies collected by the Development Fee Collection Unit at DBI pursuant to Section 424.6.3(b) shall be deposited in a special fund maintained by the Controller. The receipts in the Fund to be used solely to fund Public Benefits subject to the conditions of this Section.
(b) Expenditures from the Fund shall be recommended by the Interagency Plan Implementation Committee for allocation and administration by the Board of Supervisors.
(1) All monies deposited in the Fund shall be used to design, engineer, acquire, and develop and improve both new and existing public open spaces and recreational facilities in the Transit Center District Plan Area, the greater downtown, and citywide as established in the Transit Center District Plan and the Transit Center District Plan Implementation Program Document and supported by the findings of the Downtown Open Space Nexus Study.
(2) Funds may be used for administration and accounting of fund assets, for additional studies as detailed in the Transit Center District Plan Implementation Program Document, and to defend the Transit Center District Open Space Impact Fee against legal challenge, including the legal costs and attorney's fees incurred in the defense. Administration of this fund includes time and materials associated with reporting requirements, facilitating any necessary or required public meetings aside from Planning Commission hearings, and maintenance of the fund. Monies from the Fund may be used by the Planning Commission to commission economic analyses for the purpose of revising the fee, and/or to complete an updated nexus study to demonstrate the relationship between development and the need for public facilities and services if this is deemed necessary. Monies used for the purposes consistent with this subsection (2) shall not exceed five percent of the total fees collected. All interest earned on this account shall be credited to the Transit Center District Open Space Fund.
(3) All funds are justified and supported by the Downtown Open Space Nexus Study, San Francisco Planning Department, Case No. 2007.05558U. Implementation of the Fee and Fund are monitored according to the Downtown Plan Monitoring Program required by the Administrative Code Section 10E.
Former division (c) deleted; Ord. 188-15 , Eff. 12/4/2015.