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ORDINANCE NO. 1567 <br />AN ORDINANCE OF THE CITY OF NEWPORT BEACH <br />AMENDING SECTION 3.12.030 OF THE NEWPORT <br />BEACH MUNICIPAL CODE TO INCREASE THE AMOUNT <br />OF PROPERTY DEVELOPMENT TAX IMPOSED <br />• The City Council of the City of Newport Beach does <br />ordain as follows: <br />SECTION 1. Section 3.12.030 of the Newport Beach <br />Municipal Code is amended to read: <br />113.12.030 Imposition of Excise Tax. A. TAX IMPOSED. <br />An excise tax is hereby imposed upon the construction and <br />occupancy of each residential unit, commercial unit, industrial <br />unit, and mobilehome park in the City in the amount of $.165 <br />per square foot of gross floor area for all classes of new <br />construction, including any area in a building designed <br />for the parking of vehicles. <br />B. DUE DATE. The amount of the tax due hereunder shall <br />be determined at the time a building permit is sought for <br />• the construction of residential, commercial or industrial <br />units or buildings, or for the construction or reconstruction <br />of any mobilehome park, and the full amount of the tax shall <br />be due and payable concurrently with the application for such <br />permit. If such tax is not fully paid on or before the due <br />date the permit is issued, the tax or the amount thereof not <br />paid shall thereupon become delinquent. <br />C. DELINQUENCY, PENALTY, INTEREST. There shall be <br />added to the tax for any unit or so much of the tax as <br />becomes delinquent a penalty of twenty-five percent (25 %), <br />which shall thereupon become payable in the same manner as <br />the tax. The tax and penalty shall bear interest at the <br />rate of .58 of one percent per month until paid." <br />• SECTION 2. This ordinance shall be published once in <br />the official newspaper of the City, and the same shall be <br />effective 30 days after the date of its adoption. <br />-1- <br />