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HomeMy WebLinkAbout1615 - Property Development Tax• • ORDINANCE NO. 1615 AN ORDINANCE OF THE CITY OF NEWPORT BEACH AMENDING SECTION 3.12.030 OF THE NEWPORT BEACH MUNICIPAL CODE TO INCREASE THE AMOUNT OF PROPERTY DEVELOPMENT TAX IMPOSED The City Council of the City of Newport Beach does ordain as follows: SECTION 1. Section 3.12.030 of the Newport Beach Municipal Code is amended to read: 73.12.030 Imposition of Excise Tax. A. TAX IMPOSED. An excise tax is hereby imposed upon the construction and occupancy of each residential unit, commercial unit, industrial unit, and mobilehome park in the City in the amount of $.185 per square foot of gross floor area for all classes of new construction, including any area in a building designed for the parking of vehicles. B. DUE DATE. The amount of the tax due hereunder shall be determined at the time a building permit is sought for the construction of residential, commercial or industrial units or buildings, or for the construction or reconstruction of any mobilehome park, and the full amount of the tax shall be due and payable concurrently with the application for such permit. If such tax is not fully paid on or before the due date the permit is issued, the tax or the amount thereof not paid shall thereupon become delinquent. C. DELINQUENCY, PENALTY, INTEREST. There shall be added to the tax for any unit or so much of the tax as becomes delinquent a penalty of twenty -five percent (25 %), which shall thereupon become payable in the same manner as the tax. The tax and penalty shall bear interest at the rate of .58 of one percent per month until paid." SECTION 2. This ordinance shall be published once in the official newspaper of the City, and the same shall be effective 30 days after the date of its adoption. -1- This ordinance was introduced at a regular meeting of the City Council of the City of Newport Beach held on the 27th day of May 1975, and was adopted on the 9th day of June _ „ 1.975, by the following vote, to wit: ATTEST: r City Clerk • .. CERTIFIED AS THE ORIGR!3! CERTIFIED AS TO PUELI :' Jliid 11195 DATE— --- — _ --------- --- _--- t CIdY CLEBG OF THE CITY OF N R7 BEACH AYES, COUNCILMEN: McInnis, Dostal Barrett, Kuehn, Rogers, Ryckoff, Store NOES, COUNCILMEN: None ABSENT COUNCILMEN: None Mayor zk"1 let' ( i -2- DDO /bc 5/16/75