(a)        Certifications

(1)        The transfer of development rights from any “granting site” in accordance with the provisions of Section 81-744 (Transfer of development rights from listed theaters) shall be permitted upon certification by the City Planning Commission.

(2)        In the Theater Subdistrict, modifications of the provisions of Article VII, Chapter 7 (Special Provisions for Zoning Lots Divided by District Boundaries), in accordance with the provisions of Section 81-746 (Additional provisions for zoning lots divided by district or subdistrict core boundaries), shall be permitted upon certification of the Chairperson of the Commission.

(b)        Authorizations by the City Planning Commission

The transfer of development rights from any “granting site” in accordance with the provisions of paragraph (b) of Section 81-744 shall be permitted by authorization by the Commission.

(c)        Special permit by the City Planning Commission

In the Theater Subdistrict, the Commission may allow, by special permit:

(1)        demolition of a theater where permissible under the provisions of Section 81-742 (Listed theaters);

(2)        a floor area bonus for rehabilitation of an existing theater in accordance with the provisions of Section 81-745 (Floor area bonus for rehabilitation of existing listed theaters); and

(3)        transfer of development rights from a zoning lot occupied by a theater that is a designated landmark in accordance with the provisions of Section 81-747 (Transfer of development rights from landmark theaters).

(d)        Additional floor area bonuses

All developments or enlargements located on the west side of Eighth Avenue between 42nd and 45th Streets within the Theater Subdistrict may receive an increase in floor area pursuant to Section 96-22 (Special Regulations for Eighth Avenue Perimeter Area) for those developments or enlargements complying with the provisions of Section 23-90 (INCLUSIONARY HOUSING).

(e)        Required assurances

All special permits, authorizations or certifications involving preservation of existing theaters shall be subject to the provisions of Section 81-743 (Required assurances for continuance of legitimate theater use).

(f)        Limits on total additional floor area

Except as otherwise provided in Section 81-212 (Special provisions for transfer of development rights from landmark sites), the total additional floor area permitted on the zoning lot by such special permit, authorization or certification, together with all bonus floor area or floor area derived from transferred development rights under other provisions of this Chapter, shall in no event exceed the maximum amount permitted by certification, authorization or special permit as set forth in Section 81-211 (Maximum floor area ratio for non-residential or mixed buildings).

(g)        Limitations on non-theater-related bonuses in C6-4, C6-5 or M1-6 Districts

For zoning lots or portions thereof in C6-4, C6-5 or M1-6 Districts, the total amount of floor area derived from non-theater-related bonuses or other special floor area allowances, pursuant to provisions of this Chapter other than those in Sections 81-744, 81-745, 81-746 or 81-747, shall not exceed a floor area ratio of 2.0.

(h)        Theater-related bonus floor area for residences in C6-4 and C6-5 Districts

For zoning lots or portions thereof in C6-4 or C6-5 Districts, some or all of the bonus floor area or other special floor area allowances permitted pursuant to the provisions of Sections 81-744, 81-745, 81-746 or 81-747, relating to the preservation or rehabilitation of existing theaters, may be allocated to a residential building or the residential portion of a mixed building, provided that the total residential floor area ratio with such floor area allowances shall not exceed 12.0.

(i)        Theater Subdistrict Fund

In furtherance of the purposes of this Section, the Theater Subdistrict Council shall establish a separate interest-bearing account (the "Theater Subdistrict Fund" or "Fund") for the deposit and administration of the revenues received by the Theater Subdistrict Council generated by the transfer of development rights pursuant to Section 81-744. Upon receipt of any revenue generated pursuant to such Section, the Theater Subdistrict Council shall notify the Comptroller, the Speaker and the Department of City Planning, and promptly deposit such revenues into the Theater Subdistrict Fund and shall expend such revenues and any interest accumulated thereon in the following manner:

(1)        a portion of any such revenues shall be reserved, sufficient in the judgment of the Theater Subdistrict Council but in no event less than 20 percent of such revenues, to undertake the ongoing periodic inspection and maintenance report requirements pursuant to paragraph (c) of Section 81-743. The Theater Subdistrict Council may petition the City Planning Commission for a reduction in the percentage of such reserve and the Commission may grant such reduction if, in its judgement, a lesser percentage will be sufficient to carry out the purposes of this paragraph; and

(2)        the remainder of such revenue shall be used for activities chosen by the Theater Subdistrict Council furthering the objectives and purposes of this Section, which activities may include judicial or administrative proceedings instituted by the Theater Subdistrict Council against any property owner or lessee to enforce the obligations of such owner or lessee pursuant to any restrictive declaration entered into in connection with a transfer of development rights pursuant to Section 81-744. Notwithstanding the foregoing, funds shall not be used for the physical repair and preservation of theaters.

The Theater Subdistrict Council shall provide an annual report to the Department of City Planning, the Comptroller, the Speaker and the City Planning Commission indicating the amounts and dates of any deposits to the Theater Subdistrict Fund in the immediately preceding calendar year, the balance of the Theater Subdistrict Fund at the close of the calendar year, the amounts expended on activities within the Theater Subdistrict and the nature of those activities. The Theater Subdistrict Council shall maintain complete, accurate and detailed records, with supporting documentation, in respect to all deposits to and withdrawals from the Theater Subdistrict Fund, and shall make such records available to the City of New York, the Department of City Planning, the Comptroller, the Speaker and the City Planning Commission upon reasonable notice and during business hours for inspection and copying.