Publisher's Note:This section has been AMENDED by new legislation (Ord. , approved 4/24/2020, effective 5/25/2020). The text of the amendment will be incorporated under the new section number when the amending legislation is effective.
(a) Controls. Projects may satisfy all or a portion of the requirements of Section 413.1et seq. via dedication of land to the City for the purpose of constructing units affordable to qualifying households. Projects may receive a credit against such requirements up to the value of the land donated, calculated pursuant to subsection (b) below.
(b) Requirements.
(1) The value of the dedicated land shall be determined by the Director of Property pursuant to Chapter 23 of the Administrative Code, but shall not exceed the actual cost of acquisition by the project sponsor of the dedicated land in an arm’s length transaction. Prior to issuance by DBI of the first site or building permit for a development project subject to Section 413.1et seq. the sponsor shall submit to the Department, with a copy to MOHCD and the Director of Property, documentation sufficient to substantiate the actual cost of acquisition by the sponsor in an arm’s length transaction of any land to be dedicated by the sponsor to the City, and any additional information that would impact the value of the land.
(2) Projects are subject to the requirements of Section 419.5(a)(2)(A) and (C)-(J).
(Added as Sec. 413.7 by Ord. , File No. 180184, App. 12/12/2018, Eff. 1/12/2019; redesignated and amended by Ord. , File No. 190548, App. 11/15/2019, Eff. 12/16/2019)
(Former Sec. 413.6 added by Ord. 108-10, File No. 091275, App. 5/25/2010; amended by Ord. 270-10, File No. 100917, App. 11/5/2010; Ord. , File No. 101523, App. 3/23/2011; Ord. , File No. 130549, App. 11/27/2013, Eff. 12/27/2013; Ord. , File No. 150149, App. 4/24/2015, Eff. 5/24/2015; redesignated as Sec. 413.5 and amended by Ord. , File No. 190548, App. 11/15/2019, Eff. 12/16/2019)
