Definition: Public Realm Improvement Fund Development Rights Valuation (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 Development Rights Valuation” (“Development Rights Valuation”) shall be a value per square foot of transferable development rights in the East Midtown Subdistrict, which shall provide a basis for establishing a minimum contribution to the Public Realm Improvement Fund . As of August 9, 2017, the Development Rights Valuation shall be set at $307.45 per square foot. When proposing an adjustment to the Development Rights Valuation, the Department of City Planning shall undertake a transferrable development rights valuation study conducted by qualified professionals utilizing industry best practices. The City Planning Commission shall, by rule, review and adjust the Development Rights Valuation, pursuant to the City Administrative Procedures Act not more than once every three years and not less than once every five years. An applicant, upon written request to the Commission, may request a transferable development rights valuation study to evaluate whether the Development Rights Valuation should be modified for a particular qualifying site based upon any recent changes in market conditions within the Subdistrict. The study must be paid for by the applicant and completed within a one-year timeframe. The Department of City Planning shall initiate the study, to be conducted by qualified professionals utilizing industry best practices. Where the study demonstrates that the value of the development rights for the qualifying site is less than the Development Rights Valuation, the Commission shall, by certification, and in connection with a certification pursuant to Section 81-642 (Transfer of development rights from landmarks to qualifying sites), modify the required contribution to 20 percent of the adjusted valuation.