The ordinance amends Section 17-4-0400 of the Municipal Code of Chicago, specifically addressing bulk and density standards related to lot area per unit. It introduces new language that allows projects qualifying for floor area bonuses under Section 17-4-1000 to utilize reduced lot-area-per-unit standards. Specifically, for every one percent increase in floor area awarded through these bonuses, the minimum lot area per unit standard is reduced by one percent, with a maximum reduction cap of 30 percent. However, this limitation does not apply to buildings that have been in lawful existence for at least 20 years, are located in districts with dash 16 bulk and density designations, and have not previously received a floor area bonus.

The ordinance is designed to encourage development in downtown areas by providing flexibility in lot area requirements for qualifying projects. It will take effect immediately upon passage and approval by the City Council.