(a)        In Commercial Districts with a residential equivalent of an R9 District, for developments on zoning lots that are located within 500 feet of the Union Street subway station, the Chairperson of the City Planning Commission may, by certification to the Commissioner of Buildings, allow a development to:

(1)        receive a floor area bonus not to exceed 20 percent of the maximum floor area ratio permitted by Section 139-211 (Basic floor area regulations); and

(2)        further modify additional height permitted pursuant to paragraph (c) of Section 66-234 (Special height and setback modifications) provided the total combined modification does not exceed 30 feet;

where a major improvement to the Union Street subway station consisting of one new off-street station entrance with an accessible route for persons with physical disabilities between two levels servicing the southbound platform is provided.

(b)        Prior to issuing such a certification, the following requirements shall be met.

(1)        To the extent required by the transit agency, the applicant shall execute an agreement, setting forth the obligations of the owner, its successors and assigns, to establish a process for design development and a preliminary construction schedule for the proposed improvement; construct the proposed improvement; establish a program for maintenance and capital maintenance; and establish that such improvements shall be accessible to the public during the hours of operation of the station or as otherwise approved by the transit agency. Where the transit agency deems necessary, such executed agreement shall set forth obligations of the applicant to provide a performance bond or other security for completion of the improvement in a form acceptable to the transit agency.

(2)        Prior to obtaining a foundation permit or building permit from the Department of Buildings, a written declaration of restrictions, in a form acceptable to the Chairperson of the City Planning Commission, containing complete drawings of the improvement and setting forth the obligations of the owner as agreed upon with the transit agency pursuant to the requirements of paragraph (b)(1) of this Section, shall be recorded against such property in the Borough Office of the City Register of the City of New York. Proof of recordation of the declaration of restrictions shall be submitted in a form acceptable to the Department of City Planning.

(3)        No temporary certificate of occupancy shall be granted by the Department of Buildings for the portion of the building utilizing bonus floor area authorized pursuant to the provisions of this Section until the required improvements have been substantially completed, as determined by the Chairperson, acting in consultation with the transit agency, where applicable, and such improvements are usable by the public. Such portion of the building utilizing bonus floor area shall be designated by the Commission in drawings included in the declaration of restrictions filed pursuant to this paragraph.

No permanent certificate of occupancy shall be granted by the Department of Buildings for the portion of the building utilizing bonus floor area until all improvements have been completed in accordance with the approved plans, as determined by the Chairperson, acting in consultation with the transit agency, where applicable.