Definitions specifically applicable to this Chapter are set forth in this Section. Other defined terms are set forth in Section 12-10 (DEFINITIONS).

Qualifying building

For the purposes of this Chapter, a “qualifying building” shall be any building where, prior to December 15, 2021:

(a)        such building contained at least 60,000 square feet of floor area; and

(b)        at least 20 percent of the floor area within such building was allocated to non-residential floor area, as such term is utilized in Section 143-14.

SoHo-NoHo Arts Fund

For the purposes of this Chapter, the “SoHo-NoHo Arts Fund” (the “Arts Fund”) shall be a separate interest-bearing account established for the deposit of contributions made when converting joint living-work quarters for artists to residences in accordance with the provisions of Section 143-13 (Joint Living-Work Quarters for Artists). Funds within the SoHo-NoHo Arts Fund shall be allocated by the New York City Department of Cultural Affairs, or a not-for-profit entity designated by the Department of Cultural Affairs, to support arts programming, projects, organizations, and facilities that promote the public presence of the arts within the Special District and surrounding neighborhoods and extend the cultural legacy of SoHo and NoHo generally. Such allocation should prioritize under-resourced organizations and under-served areas within Lower Manhattan neighborhoods south of 14th Street.

No later than June 30 of each year, the Department of Cultural Affairs shall submit a report to the Speaker detailing the amount of money deposited into the SoHo-NoHo Arts Fund and any expenditure of funds.