An owner may, but is not required to, provide the Director with the owner's share
of relocation assistance any time after application for the tenant relocation license
but prior to the time it is required by subsection 22.210.110.B.1. If the owner chooses
this option, the amount to be provided to the Director will be based on the number
of units to be demolished, changed in use, or substantially rehabilitated, or from
which rent or income restrictions will be removed, multiplied by the owner's share
per unit for the number of units for which relocation assistance may be required.
Returns of unused portions of the owner's share paid pursuant to this subsection 22.210.110.B
shall be returned in accordance with subsection 22.210.130.F.
C.
If the Director determines, at any time after the owner provides the Director with
the owner's share of relocation assistance pursuant to subsection 22.210.110.B, that
the owner has not provided sufficient funds to pay the owner's share of relocation
assistance to all eligible tenants, the Director shall notify the owner of the additional
amount needed, and the owner shall provide the Director with a security instrument
in the form of an irrevocable letter of credit or cash deposit in the requested amount
within five days of the Director's request.
(Ord. 126458, § 9, 2021; Ord. 115141, § 1, 1990.)