Pursuant to the terms of a development agreement for the NOHO West Sign District (Ordinance No. 186,449, CF 18-0634-SI) the developer, Merlone Geier, is providing to the City a payment of $537,000 for the following purposes and in the following manner, as specified in the Ordinance, and quoted below:E. Visual Environment Improvement Program. If the applicant and signage company have demonstrated a good-faith effort to remove any existing signs in the area under their control, hut are unable to fulfill the take-down requirements of the Sign Reduction Program outlined in Subsections
A through D, the applicant may alternatively elect to proceed with the following:
1. In-Lieu Fee. In lieu of a sign reduction plan, an applicant may elect to pay the following amounts in community benefit funds to the Council District 2 Real Property Trust Fund to be dedicated to improving the visual environment, use of public open spaces, and benefitting the public realm in Council District 2, as follows:
a. The property owner shall contribute funds pursuant to the following schedule: i. $200 per square foot for each Digital Display, up to $311,000for 1,555 square feet of Digital Displays; and ii. $100per square foot for each Supergraphic Sign, up to $226,000for 2,260 square feet of Supergraphic Signs.
b. Purpose. The funds shall be used to improve the visual environment in the North Hollywood area within one mile of the property, including, but not limited to the following projects in consultation with the community and under the direction of the Council Office: improvements to existing parks and pocket parks located in this area; landscaping of sidewalks, parkways and medians in the area; community beautification projects; community cleanups; street and parkway tree planting and graffiti removal.
c. Time Limit. The In-Lieu Fee option shall only be available 90 days after the passage of this ordinance and fees paid shall before the entirety of the takedown not available by the applicant within the area.
I THEREFORE MOVE that the Council accept the payment of $537,000 by the developer of the NOHO West Sign District (Ordinance No. 186,449, CF 18-0634-SI) and to instruct the City Clerk to deposit this amount into a new Account in the Council District 2 Real Property Trust Fund No. 684-14, entitled NOHO Sign District Mitigation; said funds to be used generally for improving the visual environment, use of public open spaces, and benefitting the public realm in Council District 2; and as further detailed in the text of this Motion.
I FURTHER MOVE that the City Clerk be authorized to make any corrections, clarifications or revisions to the above fund transfer instructions, including any new instructions, in order to effectuate the intent of this Motion, and including any corrections and changes to fund or account numbers; said corrections / clarifications / changes may be made orally, electronically or by any other means.