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    Increased Contributions to the Theater Subdistrict Fund Considered [UPDATE: CPC Approves Measure]

    ULURP  •  Theater Subdistrict, Manhattan
    Image Credit: Wikipedia

    Image Credit: Wikipedia

    Contributions from transfers of development rights by theaters in the district would be increased four fold—from $17.60 per square foot to 20 percent of the sales price. On September 7, 2016, the City Planning Commission held a public hearing on a proposed amendment to the City’s Zoning Resolution that would solidify the contribution rate to the Theater Subdistrict Fund related to the transfer of development rights from 46 listed theaters in Manhattan’s Theater Subdistrict. Currently, a transfer of development rights from an enumerated theater requires a contribution to the Theater Subdistrict Fund of $17.60 per square foot transferred. City Planning’s proposed amendment would change the contribution rate to a set 20 percent of the sales price and would establish a floor price for transfers as a basis for a minimum contribution. Additionally, the amendment would change the certification requirement of the special permit from approval by the City Planning Commission to only the Chairperson. For CityLand’s previous coverage of the Theater Subdistrict Fund click here. (read more…)

    Tags : City Planning Commission, Comissioner Michelle De La Uz, Commissioner Anna Hayes Levin, Commissioner Joseph Douek, Duval & Stachenfeld, Manhattan Borough President Gale Brewer, Manhattan Community Board 4, Manhattan Community Board 5, Manhattan’s Theater Subdistrict, Real Estate Board of New York, Robin Kramer, Theater Subdistrict Council, Theater Subdistrict Fund
    Date:11/18/2016
    Category : City Planning Commission
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