23.60.060 PROGRAM ALLOCATIONS—IN LIEU FEE PAYMENTS.

(a) The program allocation, as used in this Chapter, is the percentage of the building cost which is set aside for the City's Art in Public Places Program. The amount of the program allocation shall be established by City Council resolution and based upon total building valuation, excluding land acquisition and off-site improvement costs. The total building valuation shall be computed using the latest building valuation data as set forth by the International Conference of Building Officials (ICBO) unless, in the opinion of the Building Official, a different valuation measure should be used.

(b) In lieu of placement of an approved artwork, the applicant may pay to the Art in Public Places Fund an amount equal to the program allocation set forth in subsection (a) of this section.

(c) Nothing in this section shall prohibit the applicant from placing an approved artwork with acquisition and installation costs in an amount less than the program allocations; provided that the applicant shall also pay to the Art in Public Places Fund an amount equal to the difference between the program allocation and the costs of acquisition and installation of such artwork.