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(a) In-lieu fee rates shall be set by City Council resolution and may be adjusted biennially in an amount equal to the corresponding change, if any, in the construction cost index for Los Angeles for the corresponding period of time, as published by Engineering News Record/McGraw-Hill Construction Weekly or any substitute index that the City Council may adopt by resolution. In the future, the City Council may direct that further study and analysis be conducted to determine the continuing reasonableness of current fees and if in-lieu fees should be applied to additional residential unit types.
(b) In-lieu fees shall be paid prior to issuance of a building permit for any market-rate unit in a residential development that is not otherwise exempt from the requirements of this section. The amount of the in-lieu fee shall be based upon the fee schedule in effect at the time the fee is paid.
(§ 1, Ord. 1506-NS, eff. October 9, 2008)