The ordinance amends Section 17-4-0400 of the Municipal Code of Chicago, specifically the bulk and density standards related to lot area per unit. The amendment introduces a provision that allows projects which qualify for and are granted floor area bonuses under Section 17-4-1000 to also benefit from reduced lot area per unit standards. For every one percent increase in floor area awarded through the floor area bonus provisions, the minimum lot area per unit standard is correspondingly reduced by one percent. However, this reduction is capped at a maximum of 30 percent, regardless of the floor area bonus granted.

An exception to this cap is included in the amendment: buildings that have been lawfully in existence for at least 20 years, are located in districts with dash 16 bulk and density designations, and have not previously been granted a floor area bonus under this section, are not subject to the 30 percent limitation on minimum lot area reduction. This ordinance is set to take effect upon passage and approval.