The Chairperson of the City Planning Commission shall allow, by certification, a transfer of floor area from the Improvement Area located in Subarea B1, as shown on Map 4 (Subdistrict B, Morris Park Avenue Site Plan) in the Appendix to this Chapter, to a zoning lot fronting on Morris Park Avenue or other zoning lots on the block contiguous to the Improvement Area. Such certification for a transfer of floor area shall be subject to the conditions of paragraph (a), and application requirements of paragraph (b) of this Section.

For the purposes of this Section, the “granting site” shall mean the Improvement Area that transfers floor area pursuant to this Section, and a “receiving site” shall mean a zoning lot that receives additional floor area pursuant to this Section.

1. Conditions
   1. the maximum amount of floor area that may be transferred from the granting site shall equal the area designated on Map 4 multiplied by the maximum floor area ratios pursuant to the zoning district within Subdistrict B. Each transfer, once completed, shall irrevocably reduce the amount of floor area that may be transferred; and
   2. all certificates of occupancy have been surrendered for such granting site, and all structures on such granting site have been demolished.
2. Application requirements
   
   An application filed with the Chairperson for certification pursuant to this Section shall be made jointly by the owners of the granting site and the receiving site. Such application shall include site plans and zoning calculations for the granting site and receiving site showing the additional floor area associated with the transfer.
   
   Additionally, at the time of certification, the owners of the granting site and the receiving site shall submit to the Chairperson a copy of the transfer instrument legally sufficient in both form and content to effect such a transfer. Notice of the restrictions upon further development or enlargement of the granting site and the receiving site shall be filed by the owners of the respective lots in the Office of the Register of the City of New York (County of New York). Proof of recordation shall be submitted to the Chairperson. Both the transfer instrument and the notices of restrictions shall specify the total amount of floor area transferred and shall specify, by block and lot numbers, the granting site and the receiving site that are a party to such transfer.
   
   The Chairperson shall certify to the Department of Buildings that a development or enlargement is in compliance with the provisions of this Section only after the transfer instrument and notice of restrictions required by this paragraph have been executed and recorded with proof of recordation provided to the Chairperson. Such certification shall be a precondition to the filing for or issuing of any building permit allowing more than the basic maximum floor area ratio for such development.
   
   No temporary certificate of occupancy shall be granted by the Department of Buildings for the portion of the building utilizing floor area associated with the transfer on the receiving site until the granting site has been conveyed to the City for improvement, as a street, as provided on the City Map.

A separate application shall be filed for each transfer of floor area to any receiving site pursuant to this Section.