2.5.5 The value of the TFAR shall be determined between the participants of the transfer unless the Donor Site is owned by either the City of Los Angeles or the Los Angeles River Revitalization Corporation (Corporation) in which case the River Public Benefit Payment described below will be used to establish the value and payment method.
Unused FAR of the area within 360 Degrees from the River or Arroyo Seco can be trasfered to the area beyond 300 feet
Property Line
30 0’ 50 ’
2.5.6. Any transfer approved pursuant to this Section shall be evidenced by a recorded document, signed by the owner of the Donor Site and the owner of the Receiver Site and in a form designed to run with the land and satisfactory to the City Attorney. This document shall clearly set forth the amount of Floor Area Rights transferred, restrict the allowable floor area remaining on the Donor Site, and transfer the Floor Area Rights to the Receiver Site.
A*
2.5.7. A River Public Benefit Payment (Payment) shall be provided when a Project receives density from a site owned either by the City of Los Angeles or the Corporation. a. A Payment may be provided by any combination of the payment of monies to the River Public Benefit Trust Fund or by the direct provision of River Public Benefits by the Applicant; provided, at least 50 percent of such Payment consists of cash. b. The Payment shall equal (a) the sale price of the Receiver Site, if it has been purchased through an unrelated third-party transaction within 18 months of the date of submission of the request for approval of the Transfer, or an Appraisal, if it has not, (b) divided by the Lot Area (prior to any dedications) of the Receiver Site, (c) further divided by the Base Floor Area Ratio Factor, (d) multiplied by 40 percent, and (e) further multiplied by the number of square feet of Floor Area Rights to be transferred to the Receiver Site. Example: If Receiver Site with a Lot Area of 50,000 square feet (before any dedications) was purchased for $2,500,000 (through an unrelated third-party transaction within 18 months of the date of submission of the request for approval of the Transfer), the River Public Benefit Payment under a Transfer Plan transferring 25,000 square feet of Floor Area Rights would equal: (a) $2,500,000 (the purchase price), (b) divided by 50,000 (the Lot Area of the Receiver Site), (c) divided by the base FAR, for example, 3 (the Floor Area Ratio Factor), (d) multiplied by 40 percent, and (e) multiplied by 25,000 (the number of square feet of Floor Area Rights to be transferred) equals $166,666.67 (or $6.66 for each square foot of transferred Floor Area Rights).
DRAFT
(a)
Sale Price of Receiver Site (or appraisal)
$2,500,000
$2,500,000
(b)
Divided by Lot Area of Receiver Site
50,000
$50 / SF
(c)
Divided by Floor Area Ratio
3.0
$16.66 / SF
(d)
Multiplied by 40%
.40
$6.66 / SF
(e)
Multiplied by SF of transferred FAR
25,000
$166,666.67
Districts 02
09