For zoning lots, or portions thereof, within the High Line Transfer Corridor, the applicable basic maximum floor area ratio of that portion of a zoning lot that is within the High Line Transfer Corridor may be increased up to a maximum of 1.0, for an amount of floor area equivalent to the area of that portion of the zoning lot located within the High Line Transfer Corridor, provided the Chairperson of the City Planning Commission has certified that:

(a)        all the permitted floor area on that portion of the zoning lot that is within the High Line Transfer Corridor has been transferred to an eligible receiving site, in accordance with the provisions of Section 98-33;

(b)        that such granting site is vacant; and

(c)        a contribution has been deposited into the High Line Improvement Fund established under Section 98-25, to be used at the direction of the Chairperson to assure that the High Line is restored and reused as a publicly accessible open space.

No building permit for any development or enlargement that anticipates using such increased floor area may be issued unless and until such certification has been made.

Such contribution amount shall be $50.00 per square foot of floor area as of June 23, 2005, and shall be adjusted August 1 of each subsequent year, by the City or its designee, based on the percentage change in the Consumer Price Index for all urban consumers as defined by the U.S. Bureau of Labor Statistics.

Such bonus floor area shall only be used for a permitted commercial use, which shall be located in that portion of the zoning lot that is within the High Line Transfer Corridor; however, public parking lots and public parking garages at or above curb level shall not be permitted; and the height of any development or enlargement within the High Line Transfer Corridor shall not exceed a height of 3 feet, 6 inches above the level of the High Line bed.