Definition: Public Realm Improvement Fund (Applicable from 81-60, 81-61, 81-611, 81-612, 81-613, 81-62, 81-621, 81-63, 81-631, 81-632, 81-633, 81-634, 81-64, 81-641, 81-642, 81-643, 81-644, 81-645, 81-65, 81-651, 81-652, 81-653, 81-66, 81-661, 81-662, 81-663, 81-67, 81-671, 81-672, 81-673, 81-674, 81-675, 81-676)
For the purposes of Section 81-60 , inclusive, the “Public Realm Improvement Fund” (the “Fund”) shall be a separate interest-bearing account established for the deposit of contributions made when developments or, where permitted, enlargements on qualifying sites in the East Midtown Subdistrict will exceed the basic maximum floor area ratio set forth in Section 81-64 (Special Floor Area Provisions for Qualifying Sites) through their utilization of the provisions of Sections 81-642 (Transfer of development rights from landmarks to qualifying sites), 81-643 (Special provisions for retaining non-complying floor area in commercial buildings) or 81-685 (Special permit to modify qualifying site provisions). The Fund shall be utilized, at the discretion of the Public Realm Improvement Fund Governing Group , to provide funding to implement improvements to the East Midtown Subdistrict, and its immediate vicinity, in the Borough of Manhattan. Upon receipt of any contribution, the Public Realm Improvement Fund Governing Group or the Department of City Planning shall notify the Comptroller of the City of New York and the Speaker of the New York City Council and promptly deposit it into the Fund.