Public Art provided in accordance with this chapter must have a public art cost of not less than one percent of the construction cost for a private or public construction project subject to this chapter, except as provided in this section. The public art in lieu fee that applies to private or public construction projects subject to his chapter shall be equal to one percent of the construction cost for the private or public construction project. If public art proposed for a private or public construction project subject to this chapter has a public art cost of less than one percent of the construction cost, and the public art otherwise meets the requirements of this chapter, the developer and/or owner of the private or public construction project must pay a public art in lieu fee equal to the difference between the public art cost and one percent of the construction cost.