§103.1954 Establishment of the Centre City Transit and Parking Improvement Fund

(a) There is hereby established a fund to be known and denominated as the Centre City Transit and Parking Improvement Fund. The fund shall consist of funds derived from the fees to be paid to the City pursuant to provisions of Sections 103.1951 through 103.1958 and any other appropriations as determined from time to time by legislative action of the City Council. This fund shall be administered by the City pursuant to the provisions of Sections 103.1951 through 103.1958, and in conjunction with the Centre City Community Plan, the Three-Year Program Plan identified in Section 103.1956, the appropriation ordinances and Council policies applicable thereto.

(b) Fees shall be calculated by multiplying the new Net Floor Area of the project by the amount of the Transit and Parking Improvement Fee identified in Table 1 of Section 103.1954.

(c) Residential and Single Room Occupancy (SRO) hotel projects are exempt from the requirements of this Section.

(d) Fees shall be calculated at the level in effect when the building permit is issued.

(e) Fees shall be paid at issuance of the Certificate of Occupancy.

(f) Fees shall be valid for not more than two years after the issuance of the building permit. After two years, the level of fees will be calculated at the current level in effect at that time.

(g) The payment of fees shall be credited to any citywide or regional transportation fees applied to downtown.

(Added 5-11-1992 by O-17766 N.S.)