The City Planning Commission may adjust the boundaries of a designated open space on a zoning lot provided that such adjustment will not place the new boundary closer than 60 feet to a watercourse. As a condition for such adjustment in the boundaries, the Commission shall find that:

(a)        such adjustment shall:

(1)        result in a substantial improvement in the quality and usefulness of the designated open space; and

(2)        permit development which better satisfies the purpose of this Chapter and include new features in the designated open space which will be at least equal in quality to those which are displaced from it; and

(3)        provide an equivalent area replacement for the area removed from the designated open space; or

(b)        such adjustment shall:

(1)        be permitted to exclude:

(i)        a zoning lot which is contiguous to exempted zoning lots along at least two lot lines; or

(ii)        a zoning lot which would otherwise be contiguous to exempted zoning lots along at least two lot lines but for the separation by a street; or

(iii)        streets abutting exempted zoning lots; and

(2)        not substantially alter the utility and quality of the designated open space; or

(c)        such adjustment shall:

(1)        be in conjunction with a public improvement project approved by the City prior to September 11, 1975, for funding to exclude in whole or in part the bed of a mapped street and/or adjacent zoning lots or portions thereof; and

(2)        not substantially alter the utility and quality of the open space network; or

(d)        such adjustment shall:

(1)        exclude, in whole or in part, private property contiguous with a public park which has been mapped since September 11, 1975; and

(2)        not preclude the continuity to the designated open space or the public pedestrian way or the waterfront esplanade; and

(3)        not substantially alter the utility and quality of the designated open space.